我国企业短期融资券募集资金短融长投的实证研究..doc

我国企业短期融资券募集资金短融长投的实证研究 RAO Yu-lei1, WANG Jin-feng2 1 School of Business, Central South University, P.R.China, 410083 2 School of Business, Central South University, P.R.China, 410083 摘要：旨在扩大企业直接融资渠道的短期融资券一经推出，立即受到市场的追捧，企业之间争相发行，短时间内募集了大量资金。但由于目前我国短期融资券募集资金用途规定不够明确，造成企业可能存在短融长投的现象，给投资者带来风险。本文以发行短期融资券的上市公司为样本，用回归分析的方法实证研究了短期融资券募集资金的使用情况。实证结果显示短期融资券发行额与营运资金增加额呈显著的负相关关系，与长期资产现金支出、以及偿还债务所支付的现金均呈显著的正相关关系。表明上市公司发行短期融资券募集的资金存在短融长投及集中还贷的现象，这也反映了企业存在利用市场时机过度融资、并用短期资金进行长期投资的行为。这种短融长投的行为可能因为投融资期限不匹配风险Abstract: On being launched, Short-term financing bills which aim to expand direct financing channels for enterprises are immediately popular in the market. Many enterprises compete to issue them and have raised large amounts of funds in a short time. However, the stipulation of the use of funds raised by Short-term financing bills is not clear enough for the moment; enterprises may put short-term funds into long-term investment and this may bring risk to investors. We empirically analysis the use of funds raised by short-term financing bills in those listed companies which have issued short-term financing bills. The empirical results show that there is a significant negative relationship between the amounts of short-term financing bills and the increment of working capitals, and a significant positive relationship between the amounts of short-term financing bill and the cash flow out of the long-term investment and the amounts of debts return. This gives the evidence that listed companies tend to use short-term financing not only to makeup working capitals but also invest in long-term items and restructure the debt structure. This may cause financial distress to enterprises and the default risk to investors because of the mismatch of term structure of financing and investment. Key words: Short-term financing bill, Short-term financing, Long-term investment 1 引言 短期融资券是企业依照《短期融资券管理办法》规定的条件和程序在银行间债券市场发行和交易并约定在一定期限内还本付息的有价证券。便捷、低成本地进入银行间债券市场进行融资，为企业尤其是为上市企业提供了直接融资渠道一经人民银行推出，立即受