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Research On The Influence Of Chain Shareholders On Corporate Short-term Loans And Long-term Investment

Posted on:2024-03-29Degree:MasterType:Thesis
Country:ChinaCandidate:Y Y ZhuFull Text:PDF
GTID:2569306935965989Subject:Accounting
Abstract/Summary:PDF Full Text Request
The 20 th National Congress of the CPC clearly proposed to improve the function of the capital market,optimize the development environment of enterprise;strengthen financial stability,and promote high-quality economic development.Whether the real economy can continue to develop with high quality is closely related to whether the investment and financing maturity of enterprises matches.Subject to external financial repression,China’s enterprise investment and financing maturity mismatch is mainly manifested as short-term debt for long-term use.And short-term debt for long-term use has a greater negative effect on corporate performance and financial system risks.Therefore,discussing the influencing factors and relief mechanism of short-term debt for long-term use in Chinese enterprises,are of great significance to realize the high-quality development of the real economy.With natural advantages in resources,information and corporate governance,to a great extent,cross-ownership will affect the investment and financing decisions of enterprises.But no literature links the two together.This paper studies the influence of cross-ownership on short-term debt for long-term use.This paper takes the A-share listed companies from 2015 to 2021 as the research sample,studies the relationship between cross-ownership and short-term debt for long-term use.Secondly,exploring the impact of economic policy uncertainty on the relationship.Next,testing the mechanism of cross-ownership’s influence on short-term debt for long-term use.Finally,analyzing the difference of the influence of cross-ownership on short-term debt for long-term under different situations.The results show that,(1)cross-ownership can significantly restrain the short-term debt for long-term use through collaborative governance effect.This conclusion still holds true after a series of robustness tests,including substitution variable measurement method,changing the sample range,propensity score matching,instrumental variable method,considering cross-sectional differences and hysteresis.(2)Economic policy uncertainty has a regulatory effect on the relationship between cross-ownership and short-term debt for long-term use.When the economic policy uncertainty is high,the negative effect of cross-ownership on short-term debt for long-term use will be weakened.(3)Test of influencing mechanism find that cross-ownership mainly reduce the degree of short-term debt for long-term use by alleviating the financing constraints and improving the quality of internal controls.(4)Heheterogeneity analysis find that the inhibitory effect of cross-ownership on short-term debt for long-term use is more significant in non-state-owned enterprises and enterprises in highly competitive industries.The main contributions of this paper are as follows:(1)The research on cross-ownership is still in its infancy.This paper analyzes the impact of cross-ownership on short-term debt for long-term use and its influencing mechanism,enriches the literature of cross-ownership’s influence on the financial decision of enterprises,has benefit to enterprises to make better use of the resources,information and governance advantages of cross-ownership and play their collaborative governance role.(2)There are few studies on the impact of enterprise micro factors,especially shareholders,on short-term debt for long-term use.And it has not yet to focus on the perspective of cross-ownership.This paper studies the internal relationship between cross-ownership and short-term debt for long-term use,explores the regulatory role of economic policy uncertainty and the differences between the two in different situations,to beneficial supplement the micro influencing factors of short-term debt for long-term use,provides a reference for enterprises to use the collaborative governance effect of cross-ownership to alleviate the degree of short-term debt for long-term use,and has a certain enlightenment effect on promoting the stable development of enterprises and preventing financial risks.
Keywords/Search Tags:Cross-Ownership, short-term debt for long-term use, Asset-Debt Maturity Mismatch, Economic Policy Uncertainty
PDF Full Text Request
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