产融合作与企业长期导向韧性
文摘
财经
2024-12-06 14:00
上海
产融合作与企业长期导向韧性
Industry-Finance Cooperation and Long-term Oriented Resilience of Enterprises
《财经研究》2024年50卷第10期 页码：109-123 online：2024年10月3日
中：陈邑早1 , 解纯慧2 , 王圣媛3
英：Chen Yizao1, Xie Chunhui2, Wang Shengyuan3
作者单位：1. 山东财经大学 会计学院，山东 济南 250014; 2. 中南财经政法大学 会计学院，湖北 武汉 430073; 3. 山东农业大学 马克思主义学院，山东 泰安 271018
摘要：2016年，工业和信息化部、财政部、中国人民银行和原中国银行业监督管理委员会联合开展产融合作试点城市工作，公布了首批国家产融合作试点城市名单。文章利用这一准自然实验，考察了产融合作对企业长期导向韧性的影响。研究发现，与非试点城市企业相比，试点城市企业在政策试点后的长期导向韧性显著提升。机制分析表明，产融合作试点政策对企业长期导向韧性的提升作用主要通过改善银企关系和社会关系来提升企业的信号响应能力，以及通过增加财政补贴和贷款融资可得性来提升企业的资源运用能力这两个方面实现。异质性分析发现，产融合作试点政策对企业长期导向韧性的提升作用主要体现在外部融资环境差（银企信息不对称程度高或外部融资依赖度高）、风险转嫁能力弱（产品市场势力弱或市场竞争程度高）以及代理问题轻（第一类和第二类代理成本低）的企业中。文章丰富了国家产融合作试点政策的经济后果研究，所得结论为推进金融强国建设提供了参考。
关键词：产融合作；长期导向韧性；信号响应能力；资源运用能力
Summary: Faced with the economic environment of multiple pressures, how to enhance enterprise resilience is not only a survival issue that managers have been concerned about, but also an economic development and policy design issue that government departments attach great importance to. Taking the national industry-finance cooperation pilot as a quasi-natural experiment, this paper empirically examines the impact of industry-finance cooperation on the long-term oriented resilience of enterprises. Using data from China’s A-share listed companies, the study finds that compared to non-pilot city enterprises, pilot city enterprises significantly improve their long-term oriented resilience. Mechanism testing shows that industry-finance cooperation has a promoting effect on the long-term oriented resilience of enterprises, mainly by improving the bank-enterprise relationship and the social relationship to improve the signal response capability of enterprises, and by increasing the availability of financial subsidies and loan financing to enhance the resource utilization capacity of enterprises. Heterogeneity analysis finds that industry-finance cooperation mainly enhances the long-term oriented resilience of enterprises with a poor external financing environment, a weak risk-transferring capacity, and a light agency problem. This paper has the following contributions: (1) It enriches the study of the economic consequences of pilot policies for industry-finance cooperation from the perspective of enterprise resilience, and further deepens the understanding of the micro impact of industry-finance cooperation in existing research. (2) Based on a broad contextual perspective, it empirically examines the impact of industry-finance cooperation on the long-term oriented resilience of enterprises, which not only enriches the theory of long-term oriented organizational resilience, but also expands the research on the factors influencing enterprise resilience. (3) It introduces the Doubly Debiased LASSO estimation to address the issue of policy pilot selection bias due to omitted variables. (4) The conclusions positively support government policies and also provide useful insights for further improving national industry-finance cooperation.
Key words: industry-finance cooperation; long-term oriented resilience; signal response capability; resource utilization capacity
DOI：10.16538/j.cnki.jfe.20240513.102
收稿日期：2023-12-17
基金项目：山东省自然科学基金青年项目“市场监管政府机构整合、企业财务信息治理与资本市场响应”（ZR2023QG055）；山东省高等学校青创团队计划“产业集聚与绿色低碳发展”（2022RW043）；中澳人工智能审计国际合作平台（1717003001）
