Private enterprise identity and short-term debt for long-term investment: Evidence from China

被引：0
|
作者：
Chen, Lirong [1 ]
Mu, Ruirui [1 ]
Dai, Yanwen [2 ]
Huang, Xuanhao [3 ]
机构：
[1] Southwest Univ Polit Sci & Law, Business Sch, Baosheng Ave, Chongqing 401120, Peoples R China
[2] Nanjing Audit Univ, Internal Audit Sch, 86 Yushan West Rd, Nanjing 211815, Peoples R China
[3] Fuzhou Univ, Sch Econ & Management, 2 Xueyuan Rd, Fuzhou 350108, Peoples R China
来源：
FINANCE RESEARCH LETTERS | 2024年 / 67卷
基金：
国家教育部科学基金资助; 中国国家自然科学基金;
关键词：
Private enterprises; Identity issue; Short-term debt for long-term investment; Financing cost; INDEPENDENT DIRECTORS; INFORMATION ASYMMETRY; CORPORATE PERFORMANCE; MATURITY; CREDIT; MANAGEMENT; FINANCE;
D O I：
10.1016/j.frl.2024.105901
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Using a sample of private enterprises listed on China's A-shares from 2003 to 2021, we find that, identity issues increase the degree of short-term debt for long-term investments. Furthermore, mechanism tests indicate that identity issues aggravate the short-term debt for long-term investment by exacerbating information asymmetry, increasing operational risk and financing cost. We also reveal that the influence of identity issues weakens with high corporate analyst attention and strong board of directors' independence. The study contributes to the literature by examining the impacts of private enterprises' identity issues on financial decision-making from the evidence from China.
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页数：9
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