發(fā)布時(shí)間：2018-03-06 05:11

  本文選題：中小企業(yè)　切入點(diǎn)：過(guò)橋貸款投資　出處：《金融研究》2017年03期 　論文類(lèi)型：期刊論文

【摘要】：近年來(lái),不少短期資金周轉(zhuǎn)不靈的中小企業(yè)使用過(guò)橋貸款融資來(lái)解決資金缺口問(wèn)題,而擁有閑置資金的企業(yè)則作為"放款人"參與到過(guò)橋貸款的投資中,試圖獲取高額投資回報(bào)。那么,過(guò)橋貸款投融資活動(dòng)相對(duì)規(guī)模有多大,對(duì)企業(yè)財(cái)務(wù)績(jī)效又將產(chǎn)生怎樣的影響?本文以2008-2014年我國(guó)中小板非金融類(lèi)上市公司為樣本進(jìn)行研究,結(jié)果發(fā)現(xiàn):企業(yè)參與過(guò)橋貸款投資的資金規(guī)模起伏變化較大,過(guò)橋貸款融資的資金規(guī)模出現(xiàn)逐年增長(zhǎng)趨勢(shì),樣本企業(yè)過(guò)橋貸款融資規(guī)模大于過(guò)橋貸款投資規(guī)模;企業(yè)參與過(guò)橋貸款投融資活動(dòng),或者只參與過(guò)橋貸款投資、過(guò)橋貸款融資,均不能改善企業(yè)的財(cái)務(wù)績(jī)效,甚至對(duì)于企業(yè)財(cái)務(wù)績(jī)效具有負(fù)向效應(yīng)。研究結(jié)論表明,企業(yè)不切實(shí)際的金融化選擇,反而會(huì)惡化財(cái)務(wù)績(jī)效,企業(yè)的持續(xù)發(fā)展應(yīng)依托主營(yíng)業(yè)務(wù)的創(chuàng)新驅(qū)動(dòng)。
[Abstract]:In recent years, many small and medium-sized enterprises with short term capital turnover have used bridge loan financing to solve the problem of fund gap, while enterprises with idle funds have participated in the investment of bridge loan as "lenders". Try to obtain a high return on investment. Then, how large is the relative scale of investment and financing activities, and how will the impact on corporate financial performance? This paper takes the non-financial listed companies of small and medium-sized board in China as the sample from 2008 to 2014. The results show that the scale of funds involved in the investment of bridge crossing loan is fluctuating greatly, and the scale of financing of bridge loan is increasing year by year. The scale of bridge loan financing of sample enterprises is larger than that of bridge loan investment; the financial performance of enterprises can not be improved by participating in bridge loan investment activities or only participating in bridge loan investment and bridge loan financing. The conclusion shows that the unrealistic financial choice will worsen the financial performance, and the sustainable development of the enterprise should depend on the innovation drive of the main business.
【作者單位】： 中央財(cái)經(jīng)大學(xué)金融學(xué)院;
【基金】：國(guó)家社科基金重大項(xiàng)目《金融排斥、金融密度差異與信息化普惠金融體系建設(shè)研究》(編號(hào):14ZDA044)部分研究成果 中國(guó)-東盟研究院“教育部長(zhǎng)江學(xué)者和創(chuàng)新團(tuán)隊(duì)發(fā)展計(jì)劃”支持(合同編號(hào):CWZD201401)
【分類(lèi)號(hào)】：F276.3;F832.4;F275

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本文編號(hào)：1573453