| 摘要: |
| 以沪深两市持股非上市金融机构的非金融类公司为样本的研究发现,金融股权关联对公司流动性错配在总体上具有较显著的正向影响,这种影响是二者之间直接与间接关系协调的结果。直接关系揭示了金融股权关联对公司流动性错配直接的显著正向影响:以融资约束为渠道的间接关系中,金融股权关联引起的融资约束缓解对公司流动性错配有显著正向影响:以内部控制为渠道的间接关系中,金融股权关联引起的内部控制优化对公司流动性错配有显著负向影响:以公司融资约束和内部控制的链式关系为渠道的间接关系也有助于减少公司流动性错配。同时,参股型金融股权关联影响公司流动性错配的结论与不区分金融股权关联强度时的结论类似,而在控股型金融股权关联下,分别以融资约束和内部控制为渠道的间接关系不成立。研究结论为系统性解决公司流动性错配问题提供了启示。 |
| 关键词: 金融股权关联 流动性错配 融资约束 内部控制 |
| DOI： |
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| Research on the Impact of Financial Equity Connection onCorporate Liquidity Mismatch |
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MENG Kexue,ZHAO Tongtong, WEI Xiao
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| Abstract: |
| This study, using non-financial companies holding equity in non-listed financial institutions frorthe Shanghai and Shenzhen stock exchanges as samples , finds that financial equity connection has a significantpositive overall impact on corporate liquidity mismatch. This effect is the result of the coordination between direct and indirect relationships. 'T'he direct relationship reveals a significant positive effect of financial equity conneetion on corporate liquidity mismatch. In the indirect relationship with financing constraint as a channel, thalleviation of financing constraint caused by financial equity connection significantly positively impacts corporatliquidity mismatch. In the indirect relationship with internal control as a channel, the optimization of internacontrol caused by financial equity connection significantly negatively impacts corporate liquidity mismatch. Thindirect relationship through the chain relationship between corporate financing constraint and internal control also helps reduce corporate liquidity mismatch. Additionally, the conclusions regarding the impact of equity participation-type financial equity connection on corporate liquidity mismatch are similar to those when financial equity connection intensity is not differentiated. However, in the case of holding-type financial equity connectionthe indirect relationships through financing constraints and internal control do not hold. The findings provide insights for systematically addressing the issue of corporate liquidity mismatch. |
| Key words: financial equity connection liquidity mismatch financing constraint internal control |
