Social credit system and the alleviation of investment–financing maturity mismatch in China

IF 8.7 2区 经济学 Q1 ECONOMICS
Shuzhen Liang , Yongwei Ye , Ruifeng Zhang
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引用次数: 0

Abstract

Does improving social credit alleviate the maturity mismatch between investment and financing? We investigate this question in the context of China by leveraging the implementation of the Social Credit System (SCS) as a quasi-natural experiment. Employing a time-varying difference-in-differences model, we find that the SCS significantly curbs the practice of using short-term debt to finance long-term investments among private enterprises. Mechanism analysis reveals that the SCS improves the credit environment at the macro level while optimizing bank lending behavior and enhancing enterprise credit accessibility at the micro level, thereby alleviating the maturity mismatch. Heterogeneity analysis shows that this mitigating effect is more pronounced for firms facing higher financing constraints, limited collateral, greater investment demand, and higher R&D intensity. Further analysis indicates that the SCS promotes increased factor input among private enterprises. Overall, the study underscores the role of enhanced financial information, facilitated by the SCS, in reducing systemic financial risks.
社会信用体系与中国投融资期限错配的缓解
改善社会信用能否缓解投融资期限错配?我们在中国的背景下,通过利用社会信用体系(SCS)作为准自然实验的实施来研究这个问题。采用时变差中差模型,我们发现SCS显著抑制了私营企业利用短期债务为长期投资融资的做法。机制分析表明,SCS在宏观层面改善了信贷环境,在微观层面优化了银行贷款行为,增强了企业信贷可及性,从而缓解了期限错配。异质性分析表明,当企业面临较高的融资约束、有限的抵押品、较大的投资需求和较高的研发强度时,这种缓解效应更为明显。进一步分析表明,SCS促进了民营企业要素投入的增加。总体而言,该研究强调了在SCS的推动下加强金融信息在降低系统性金融风险方面的作用。
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来源期刊
CiteScore
9.80
自引率
9.20%
发文量
231
审稿时长
93 days
期刊介绍: Economic Analysis and Policy (established 1970) publishes articles from all branches of economics with a particular focus on research, theoretical and applied, which has strong policy relevance. The journal also publishes survey articles and empirical replications on key policy issues. Authors are expected to highlight the main insights in a non-technical introduction and in the conclusion.
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