Research On The Impact Of Expected Performance Gap On Short-Term Loan And Long-Term Investment Of Enterprises

In the "new normal" mode of China,the central government has clearly put forward macroeconomic goals such as "fighting a tough battle to prevent and resolve major risks" and "keeping the bottom line of systemic financial risks." As a radical decision-making behavior,short-term loan and long-term investment refers to the alternative investment and financing method of using short-term loans to invest in long-term projects.It has strong risk and is easy to cause serious debt crisis and even systemic financial risk.Therefore,it is necessary to prevent serious short-term loan and long-term investment at the enterprise level.In this context,how to alleviate the short-term loan and long-term investment behavior has become an important research topic.Many scholars have discussed the impact of external environmental factors such as macroeconomic policies and institutional defects on enterprises’ short-term loans and long-term investments while there are few studies on internal driving factors especially from the perspective of expected performance feedback.Expected performance feedback is an important theoretical basis for understanding the decision-making model,evolution and development of enterprise behavior.When the organization is in a state of expected performance gap,it indicates that the organization is facing a dilemma of poor performance.At this time,banks and other financial institutions are more inclined to provide short-term loans for risk considerations.At this time,enterprises are facing greater financing constraints,and the level of risk-taking will be higher.Managers have an incentive to adopt short-term loans and long-term investments to convey to the outside world that the organization itself has efforts to improve performance to enhance competitive advantage.Therefore,it is important to study whether the expected performance gap of the organization will promote its short-term loan and long-term investment behavior.Based on this,this paper chooses to cut in from the perspective of expected performance feedback,discusses the impact of organizational expected performance gap intensity on short-term loan and long-term investment,analyzes the situational factors that affect the expected performance gap and short-term loan long-term investment,and deeply studies the mechanism of the expected performance gap on the short-term loan and long-term investment of enterprises.This paper selects A-share listed companies in Shanghai and Shenzhen from 2010 to 2020 as research samples to explore the impact of expected performance gap intensity on short-term loan and long-term investment of enterprises.It is found that the greater the expected performance gap,the greater the degree of short-term loan and long-term investment of enterprises.Then we can find that the level of risk-taking and the level of financing constraints will play an intermediary role between the expected performance gap intensity and the short-term loan long-term investment.Through the analysis of moderating effect,it is found that the persistence of expected performance gap will inhibit the positive impact of expected performance gap intensity on short-term loan long-term investment,and the range of expected performance gap will also inhibit the positive impact of expected performance gap intensity on short-term loan long-term investment.Through the analysis of governance mechanism,it is found that hiring executives with financial background to enter the company can alleviate the short-term loan and long-term investment behavior of enterprises to a certain extent.The main contributions of this paper are as follows : Firstly,this paper expands the driving factors of short-term loan and long-term investment,and studies whether the active willingness of enterprises will have an impact on short-term loan and long-term investment from the perspective of performance feedback.It also enriches the research on the consequences of corporate behavior caused by the expected performance gap of the organization,and expands the research perspective of performance feedback and the’feedback-reaction’ decision model.Secondly,this paper incorporates the organizational context factors that affect the relationship between the expected performance gap intensity and the short-term loan long-term investment,and deeply discusses the impact of the persistence of the expected performance gap and the range of the expected performance gap on the relationship between the two.Thirdly,this paper introduces the risk-taking level and financing constraints as the intermediary channel mechanism,analyzes the specific path through which the expected performance gap affects the short-term loan and long-term investment behavior,and expands the research framework of them.Finally,this paper provides a new governance mechanism to alleviate the short-term loan and long-term investment behavior of enterprises,that is,enterprises can alleviate the short-term loan and long-term investment behavior of enterprises by hiring executives with financial background to enter the company.