孙凤娥.“短贷长投”缘何传染?——基于行业同群效应的视角[J].南京审计学院学报,2021,(3):
“短贷长投”缘何传染?——基于行业同群效应的视角
  
DOI:
中文关键词:  “短贷长投”  同群效应  “去杠杆”  内部控制水平  货币政策  偿债能力  先内后外律  竞争型模仿
英文关键词:deposit and loan maturity mismatch  peer effects  “deleveraging” policy  internal control level  monetary policy  solvency  internal law before external law  competitive imitation
基金项目:全国统计科学研究重点项目(2018LZ31)
作者单位
孙凤娥 北京林业大学 经济管理学院北京 100083 
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中文摘要:
      利用2010—2017年中国A股上市公司样本,从“同群效应”视角对“短贷长投”进行考察,结果发现:“短贷长投”存在行业同群效应;机制研究显示,行业同群效应主要源于竞争型模仿;特征研究表明,行业同群效应遵循先内后外律。在弱化内生性问题和稳健性检验后,上述结果依然稳健。进一步研究发现,“去杠杆”政策的实施、内部控制水平的提高均能有效减弱“短贷长投”行业同群效应。研究结论揭示了“短贷长投”的传染性特征,具有重要监管启示。
英文摘要:
      Based on the sample of A-share listed companies in China from 2010 to 2017, this paper investigates the “Maturity Mismatch” from the perspective of peer effects. The results show that there exist industry peer effects in “Maturity Mismatch”, which mainly come from competitive imitation, as shown in mechanism research, and follow the internal law before external law, as presented in characteristics study. After weakening the endogenous problem and robustness test, the above results are still robust. Further research shows that the implementation of “deleveraging” policy and the improvement of internal control level can effectively weaken the industry peer effect of “Maturity Mismatch”. The conclusion reveals the contagious characteristics of “Maturity Mismatch”, which has important regulatory implications.
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