过桥融资对创业板企业绩效的异质门槛效应研究
|
摘要
在我国经济下行背景下,中小企业面临"融资难、融资贵"问题,而创业板企业以高科技中小企业为主,其面临风险更高,融资难问题更为突出。过桥融资以其短期性融资特点,成为创业板企业外部融资方式之一。以创业板企业2012-2017年数据为样本,结合Hansen的多重门槛模型,分别以企业规模、股利支付率为门槛变量,分析过桥融资对创业板企业绩效的非线性影响。实证结果显示:首先过桥融资与企业绩效间呈现双重门槛效应,随着企业规模的增加,过桥融资对企业财务绩效的恶化程度逐渐加深;其次,不同融资约束下的过桥融资与企业绩效呈单一门槛效应,即过桥融资能够优化融资约束较小的企业财务绩效,但当融资约束超过门槛值后,会对企业财务绩效产生负效应。
Under the background of China's economic downturn, SMEs are facing the problem of "difficult and expensive financing", while enterprises in GEM are mainly high-tech small and medium-sized enterprises, which face higher risks and have more prominent financing problems. Bridge financing, with its short-term financing characteristics, has become one of the external financing methods for enterprises in GEM. In this paper, the data of GEM enterprises from 2012 to 2017 are taken as samples, combined with Hansen's multiple threshold model, and the threshold variables of enterprise size and dividend payment rate are taken respectively to analyze the nonlinear influence of bridge financing on GEM enterprise performance. The empirical results show that there is a dual threshold effect between bridge financing and enterprise performance. With the increase of enterprise size, the deterioration degree of bridge financing on enterprise financial performance gradually deepens. Secondly, bridge financing and corporate performance under different financing constraints show a single threshold effect, that is, bridge financing can optimize the financial performance of enterprises with small financing constraints, but when the financing constraints exceed the threshold value, it will have a negative effect on corporate financial performance.
Under the background of China's economic downturn, SMEs are facing the problem of "difficult and expensive financing", while enterprises in GEM are mainly high-tech small and medium-sized enterprises, which face higher risks and have more prominent financing problems. Bridge financing, with its short-term financing characteristics, has become one of the external financing methods for enterprises in GEM. In this paper, the data of GEM enterprises from 2012 to 2017 are taken as samples, combined with Hansen's multiple threshold model, and the threshold variables of enterprise size and dividend payment rate are taken respectively to analyze the nonlinear influence of bridge financing on GEM enterprise performance. The empirical results show that there is a dual threshold effect between bridge financing and enterprise performance. With the increase of enterprise size, the deterioration degree of bridge financing on enterprise financial performance gradually deepens. Secondly, bridge financing and corporate performance under different financing constraints show a single threshold effect, that is, bridge financing can optimize the financial performance of enterprises with small financing constraints, but when the financing constraints exceed the threshold value, it will have a negative effect on corporate financial performance.
引文
[1]JAMES,KOZUCH R.Management of funds is key to successful condo conversions[J].Mortgage Banker,1974,35(2):5.
[2]RICHMOND P.Bridging loans:Bridging the gap?[J].Credit Control,2007,28(2):40.
[3]王明权.商业银行实务[M].1995.
[4]边永平,杨柳.企业向非金融机构借入“过桥贷款”的风险及影响[J].金融发展评论,2014(12):51-54.
[5]HODGMAN D R.The deposit relationship and commercial bank investment behavior[J].The Review of Economics and Statistics,1961,43(3):257-268.
[6]崔玉林.过桥贷款:小额贷款公司的变异与兼容[J].金融发展研究,2011(12):55-59.
[7]何虹.企业“过桥贷款”应引起重视[J].金融博览,2013(5):54-55.
[8]李建军,马思超.中小企业过桥贷款投融资的财务效应:来自我国中小企业板上市公司的证据[J].金融研究,2017(03):120-133.
[9]郭宏毅,袁易明.融资约束、协同创新策略与企业研发投入:基于世界银行中国企业调查数据的分析[J].科学决策,2018(3):43-59.
[10]周中胜,罗正英,段姝.网络嵌入、信息共享与中小企业信贷融资[J].中国软科学,2015(5):119-128.
[11]林毅夫,孙希芳.信息、非正规金融与中小企业融资[J].经济研究,2005(7):35-44.
[12]罗丹阳,殷兴山.民营中小企业非正规融资研究[J].金融研究,2006(4):142-150.
[13]隋玉明.混合所有制经济中企业并购使用过桥贷款研究[J].经济界,2015(6):68-70.
[14]陈承,王宗军,叶云.信号理论视角下企业社会责任信息披露对财务绩效的影响研究[J].管理学报,2019,16(3):408-41.
[15]李咏梅,陈婧钰.环境不确定性、供应链集成与企业财务绩效[J].会计之友,2019(6):119-124.
[16]刘刚,梁晗,殷建瓴.风险投资声誉、联合投资与企业创新绩效:基于新三板企业的实证分析[J].中国软科学,2018(12):110-125.
[17]姚耀军,董钢锋.中小企业融资约束缓解:金融发展水平重要抑或金融结构重要?:来自中小企业板上市公司的经验证据[J].金融研究,2015(4):148-161.
[18]FAZZARI S M,HUBBARD RG,PETERSEN B C,et al.Financing constraints and corporate investment[J].Brookings Papers on Economic Activity,1988,1988(1):141-206.
[19]GILCHRIST S,HIMMELBERG C P.Evidence on the role of cash flow for investment[J].Journal of Monetary Economics,1995,36(3):541-572.
[20]胡刘芬,周泽将.风险投资机构持股能够缓解企业后续融资约束吗?:来自中国上市公司的经验证据[J].经济管理,2018,40(7):93-111.
[21]HANSEN B E.Threshold effects in non-dynamic panels:Estimation,testing and inference[J].Journal of Econometrics,1999,93(2):345-368.
[22]连玉君,程建.不同成长机会下资本结构与经营绩效之关系研究[J].当代经济科学,2006,28(2):97-103.
[6]MARTIN M.The bankruptcy of New York[J].The Banker,1975,125(595):1023.
[23]李华民,吴非,廉胜南,等.银行规模、金融生态环境与小企业融资[J].科学决策,2017(9):25-43.
(1)这种划分是由美国经济学家格利和爱德华·肖提出来的。
[2]RICHMOND P.Bridging loans:Bridging the gap?[J].Credit Control,2007,28(2):40.
[3]王明权.商业银行实务[M].1995.
[4]边永平,杨柳.企业向非金融机构借入“过桥贷款”的风险及影响[J].金融发展评论,2014(12):51-54.
[5]HODGMAN D R.The deposit relationship and commercial bank investment behavior[J].The Review of Economics and Statistics,1961,43(3):257-268.
[6]崔玉林.过桥贷款:小额贷款公司的变异与兼容[J].金融发展研究,2011(12):55-59.
[7]何虹.企业“过桥贷款”应引起重视[J].金融博览,2013(5):54-55.
[8]李建军,马思超.中小企业过桥贷款投融资的财务效应:来自我国中小企业板上市公司的证据[J].金融研究,2017(03):120-133.
[9]郭宏毅,袁易明.融资约束、协同创新策略与企业研发投入:基于世界银行中国企业调查数据的分析[J].科学决策,2018(3):43-59.
[10]周中胜,罗正英,段姝.网络嵌入、信息共享与中小企业信贷融资[J].中国软科学,2015(5):119-128.
[11]林毅夫,孙希芳.信息、非正规金融与中小企业融资[J].经济研究,2005(7):35-44.
[12]罗丹阳,殷兴山.民营中小企业非正规融资研究[J].金融研究,2006(4):142-150.
[13]隋玉明.混合所有制经济中企业并购使用过桥贷款研究[J].经济界,2015(6):68-70.
[14]陈承,王宗军,叶云.信号理论视角下企业社会责任信息披露对财务绩效的影响研究[J].管理学报,2019,16(3):408-41.
[15]李咏梅,陈婧钰.环境不确定性、供应链集成与企业财务绩效[J].会计之友,2019(6):119-124.
[16]刘刚,梁晗,殷建瓴.风险投资声誉、联合投资与企业创新绩效:基于新三板企业的实证分析[J].中国软科学,2018(12):110-125.
[17]姚耀军,董钢锋.中小企业融资约束缓解:金融发展水平重要抑或金融结构重要?:来自中小企业板上市公司的经验证据[J].金融研究,2015(4):148-161.
[18]FAZZARI S M,HUBBARD RG,PETERSEN B C,et al.Financing constraints and corporate investment[J].Brookings Papers on Economic Activity,1988,1988(1):141-206.
[19]GILCHRIST S,HIMMELBERG C P.Evidence on the role of cash flow for investment[J].Journal of Monetary Economics,1995,36(3):541-572.
[20]胡刘芬,周泽将.风险投资机构持股能够缓解企业后续融资约束吗?:来自中国上市公司的经验证据[J].经济管理,2018,40(7):93-111.
[21]HANSEN B E.Threshold effects in non-dynamic panels:Estimation,testing and inference[J].Journal of Econometrics,1999,93(2):345-368.
[22]连玉君,程建.不同成长机会下资本结构与经营绩效之关系研究[J].当代经济科学,2006,28(2):97-103.
[6]MARTIN M.The bankruptcy of New York[J].The Banker,1975,125(595):1023.
[23]李华民,吴非,廉胜南,等.银行规模、金融生态环境与小企业融资[J].科学决策,2017(9):25-43.
(1)这种划分是由美国经济学家格利和爱德华·肖提出来的。