近日，金融系李波副教授与程悦副教授的合作论文Bank competition and firm asset-debt maturity mismatch: Evidence from the SMEs in China在Research in International Business and Finance 2024年第69卷正式发表。Research in International Business and Finance为ABS2期刊，北京工商大学认定的经济与商科ESI A2期刊，也是经济与商科ESI入选期刊。

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内容摘要

By employing a unique financial capacity survey sent to the managers of small and medium-sized enterprises (SMEs) in China, we empirically investigate the effect of bank competition on the asset-debt maturity mismatch of SMEs. We find that bank competition has a negative effect on the probability of SMEs' maturity mismatch of investment and financing. We further find that as bank competition intensifies, SMEs would obtain loans with longer maturities and are also less likely to conduct maturity mismatch with increased information asymmetry. This implies that the competition in banking industry alleviates SMEs' maturity mismatch by increasing banks' speculative motives. Moreover, the negative effects of bank competition on the maturity mismatch of SMEs are more pronounced for the competition within state-owned banks and within local commercial banks, and also for the SMEs with the expectation of monetary tightening. Our results have important implications for policymakers to improve the efficiency of the financial system and to reduce the financing dilemma of SMEs.

中文对照翻译。

本文使用中国中小企业金融能力调查数据，实证检验银行竞争对中小企业投融资错配的影响。研究结果发现：银行竞争显著地降低了中小企业投融资错配的概率。进一步地，随着银行竞争的加剧，中小企业获得中长期贷款的可能性增加，在信息不对称情形下的投融资错配的概率下降，即银行竞争通过刺激中小企业的“投机性动机”来缓解其投融资错配。此外，国有银行内部竞争与地方性商业银行内部竞争程度的加剧对中小企业投融资错配产生更大的缓解效应。本文的研究结论对提高金融体系效率、改善中小企业融资困境具有重要启示。

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作者简介

李波，bat365官网登录入口金融系副教授，硕士生导师。博士毕业于中央财经大学，主要研究方向为货币金融、家庭金融与劳动经济等。在International Review of Financial Analysis、Finance Research Letters、《金融研究》《国际金融研究》等期刊发表多篇论文。主持国家自然科学基金青年项目。

程悦，bat365官网登录入口金融系副教授，硕士生导师。博士毕业于英国拉夫堡大学，主要研究方向为公司金融、数字金融等。在International Review of Financial Analysis、Finance Research Letters、《管理评论》《国际金融研究》等期刊发表多篇论文。主持国家社科基金一般项目。

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原文链接

https://www.sciencedirect.com/science/article/abs/pii/S0275531924000321