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上海大学学报(社会科学版) ›› 2023, Vol. 40 ›› Issue (5): 120-140.

• • 上一篇    

短贷长投、数字普惠金融与企业全要素生产率 

  

  1. 卜洁文，中国社会科学院 历史理论研究所； 汤龙，嘉兴学院 经济学院； 李光武，中国人民大学 经济学院

  • 收稿日期:2022-11-02 出版日期:2023-09-15 发布日期:2023-09-20
  • 通讯作者: 汤龙（1989-），男，安徽淮南人。嘉兴学院经济学院讲师、中国共同富裕研究院研究员。研 究方向：企业金融。
  • 作者简介:卜洁文（1989-），女，陕西西安人。中国社会科学院历史理论研究所博士后。研究方向： 历史理论。 汤龙（1989-），男，安徽淮南人。嘉兴学院经济学院讲师、中国共同富裕研究院研究员。研 究方向：企业金融。 李光武（1991-），男，安徽舒城人。中国人民大学经济学院博士研究生。研究方向：企业 经济学。
  • 基金资助:
    教育部重大专项课题（19JZDZ002）

Short-Term Loans Used as Long-Term Investment, Digital Inclusive Finance and Enterprise Total Factor Productivity 

  1. BU Jiewen，Institute for Historical Theory, Chinese Academy of Social Sciences；
    TANG Long，School of Economics, Jiaxing University；
    LI Guangwu，School of Economics, Renmin University of China
  • Received:2022-11-02 Online:2023-09-15 Published:2023-09-20

摘要： 我国企业因金融市场中的长短期信贷资金供求结构不匹配，而加剧了自身的短贷
长投行为。通过分析我国2011年至2020年A股上市公司数据和数字普惠金融指数可以发现，
短贷长投虽可暂时满足企业融资需求，但会显著降低其全要素生产率。而数字普惠金融的发
展则通过提高金融服务对用户的可达性、增加多元金融业务供给以及缓解企业融资约束、增加
创新投入和减少非效率投资等途径，有效缓解了企业短贷长投对其全要素生产率的负面影响，
且这种效应会因企业的所有权性质、地区金融效率和企业规模等因素而存在显著差异。各地
区应加快推动数字普惠金融发展，以促进传统金融市场改革和防范化解重大金融风险，降低企
业短贷长投及其负面影响，提高企业全要素生产率和市场竞争力，不断推动企业高质量发展。

关键词: 短贷长投, 数字普惠金融, 全要素生产率, 融资约束, 非效率投资

Abstract: Chinese enterprises have intensified their usage of short-term loans as long-term investment
given the mismatch between the supply and demand of long-term credit funds in the financial market. Based on
the data of China’s A-share listed companies from 2011 to 2020 and the digital inclusive financial index, this
study finds that although short-term loans used as long-term investment can temporarily meet the financing
needs of enterprises, they will significantly lower their total factor productivity; the development of digital
inclusive finance effectively alleviates such a negative impact on the total factor productivity in that it improves
the accessibility of financial services to users, supplies more diversified financial services, eases the financing
constraints of enterprises, increases innovation investment and reduces inefficient investment; and the effect of
digital inclusive finance significantly varies according to the ownership nature of an enterprise, regional
financial efficiency and enterprise scale. It is essential for all regions to accelerate the development of digital
inclusive finance, so as to promote the reform of traditional financial markets, prevent and resolve major
financial risks, reduce enterprises’short-term loans used as long-term investment and their negative effects,
improve the total factor productivity and market competitiveness of enterprises, and constantly promote their
high-quality development.

Key words: short-term loans used as long-term investment, digital inclusive finance, total factor productivity, financing constraints, inefficient investment 

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