| The reasonable matching of asset and liability term structures is a crucial criterion in finance,specifically referring to the fact that the funds required for long-term investment by enterprises should be provided by long-term debt,and the funds required for short-term investment should be provided by short-term debt.Short term loans and long-term investments are a manifestation of fund mismatch,which refers to enterprises using funds raised from short-term loans to support long-term projects.In recent years,it is not uncommon for short-term loans and long-term investments to lead to cash flow shortages for enterprises,and enterprises urgently need to reduce their dependence on this investment and financing strategy.Therefore,how to effectively address the long-standing issue of fund mismatch in China is the core content of resisting the debt crisis.Existing literature generally agrees that internal factors such as management,investment,financing,accounting policies,and external factors such as financial system,monetary policy,local risk culture,and auditors can lead to short-term loans and long-term investments by enterprises.However,the information at the supply chain level has attracted more and more attention.Whether it is the Sino US trade war or the occurrence of adverse events such as the COVID-19 epidemic,it has had a significant impact on the uncertainty of economic operation.Facing the increasingly severe economic situation,only by timely and accurate identification of supply chain risks can we achieve steady economic development in a harsh market environment.Based on this background,studying the issue of short-term loans and long-term investments from the perspective of the supply chain not only provides a deeper understanding of the phenomenon of enterprise short-term loans and long-term investments,but also provides theoretical basis and practical reference for the spillover effect of supply chain risk.Customer risk reveals phenomena such as a decrease in customer cash flow and operational crisis,which not only further affects customers’ future purchasing behavior towards suppliers,but also leads to customers occupying supplier payments and even causing suppliers to face bad debt risk.These factors may lead suppliers to face serious consequences such as cash flow crises and increased operational uncertainty,namely risk spillover effects.External stakeholders such as investors and creditors may consider the risk contagion of corporate clients when making investment decisions.Given this,is the matching of investment and financing terms affected when the risk of corporate clients changes? Will the phenomenon of short-term loans and long-term investments by enterprises intensify? What is the logic behind this? This is an urgent issue to be tested.Therefore,this article takes listed companies in China from 2007 to 2020 with both suppliers and customers in the Shanghai and Shenzhen A-shares as research samples to empirically test the impact of customer risk on supplier companies’ short-term loans and long-term investments;And further explore the mechanism of customer risk on supplier enterprises’ short-term loan and long-term investment,and analyze the difference of this impact between enterprises with different property rights,different company sizes,different corporate governance levels,different industry competitiveness,and different customer concentration ratio,and draw the following conclusions: First,based on the supply chain risk spillover,enterprises’ bad debt losses of accounts receivable increase,bargaining power decreases The decrease in the collateral value of proprietary assets in relationships leads to the dilemma of insufficient cash flow and increased operational uncertainty for enterprises.The expected risk of debt default for banks increases,which increases the difficulty of financing for enterprises by shortening the loan scale and reducing the loan term.As a result,enterprises are unable to obtain long-term financial support and are forced to use short-term loan funds to invest in long-term funding projects,resulting in the phenomenon of short-term loans and long-term investments.Secondly,due to caution,issuing credit funds with longer maturities by banks can bring significant potential risks.Therefore,in order to reduce potential losses and obtain more term premiums,the interest rate of long-term loans issued by banks will be relatively higher,and the loan cost that enterprises need to pay will also increase.If the financing constraints of enterprises are high,they will already face greater internal financial pressure,Enterprises actively adopt the investment and financing strategy of "short-term loans and long-term investments",choosing short-term loans with relatively low interest rates can reduce financing costs and alleviate internal financial pressure;There are differences in the role of customer risk in the short-term loan and long-term investment behavior of enterprises with different property rights and scales.That is,compared to state-owned enterprises and large-scale enterprises,the exacerbation effect of customer risk on supplier enterprises’ short-term loan and long-term investment is more obvious in non-state-owned enterprises and small-scale enterprises;The improvement of corporate governance level can improve the bank loan financing ability of enterprises,improve the efficiency of capital allocation,make the investment and financing term structure more matched,and alleviate the short-term loan and long-term investment risks brought by customer risks;Higher industry competitiveness can enhance the positive impact of customer risk on corporate financing constraints,thereby exacerbating short-term loans and long-term investments;Compared with supplier enterprises with lower customer concentration ratio,customer risk is more significant for supplier enterprises with higher customer concentration ratio in terms of short-term loan and long-term investment. |
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