短债长用何以影响企业绿色发展？——来自微观企业的证据

摘要/Abstract

摘要： 以短债长用为典型特征的投融资期限错配，严重制约我国企业高质量发展。本文采用数理模型和经验分析相结合，深入剖析短债长用影响企业环境绩效的内在机理，进而利用中国工业企业和企业污染数据库，考察短债长用对企业环境绩效的影响效应与作用机制。研究发现：短债长用显著降低企业节能和减排方面的环境绩效，这一结论在进行一系列稳健性检验后仍然成立。作用机制检验表明，短债长用通过扭曲企业绿色投资，对企业环境绩效产生显著负面影响。进一步分析表明，短债长用对企业环境绩效的影响会因企业所在地银行业竞争而不同，在那些银行业竞争程度更低的地区，短债长用对企业的负面环境影响会更显著。异质性分析则发现，短债长用的负面环境影响，在知识密度更低的地区、清洁生产规制更强的行业和财务压力更大的企业更严重。本文基于环境绩效的视角，首次为短债长用影响绿色发展这一新命题提供理论解释和经验证据，既丰富了学界对短债长用微观影响的认识，也为我国通过培育耐心资本以优化企业投融资行为，进而促进绿色生产力发展提供了丰富启示。

关键词: 投融资期限错配, 短债长用, 企业环境绩效, 节能减排, 绿色发展

Abstract: The maturity mismatch of investment and financing, typically characterized by short-term debt for long-term Use (SDLU), affects Chinese enterprises’ development performance. This study combines mathematical modelling with empirical analysis to deeply analyze the internal mechanism of how maturity mismatch affects enterprises’ environmental performance. Then, by matching the Chinese data of Environmental Survey and Industrial Annual Survey, this study examines the impact and mechanism of how SDLU affects enterprises’ environmental performance. Our research finds that the SDLU has a negative effect on corporate environmental performance from both energy-saving and emission-reduction perspectives. Such an effect still holds after a series of robustness tests. We demonstrate that the investment distortion caused by SDLU may be the root reason underlying the negative effect. Specifically, this investment distortion mainly has a negative effect on enterprises’ environmental performance, through the crowding out effect of green investment and the over-investment effect of traditional fixed asset investment. Further analysis shows that such a negative effect exacerbates as the concentration of local banking industry increases. Also, the above negative effect is more significant in the industries facing stricter environmental regulation, provinces with lower knowledge density or firms under higher financial pressure. Based on the above findings, this paper enriches the empirical evidence on the consequences of SDLU on micro-level enterprises, and provides insights for the government to promote green development of enterprises through deepening financial reforms.

Key words: maturity mismatch of investment and financing, short-term debt for long-term use, environmental performance, energy-saving and emission-reduction, green development

何小钢, 滕瑞丰. 短债长用何以影响企业绿色发展？——来自微观企业的证据[J]. 管理评论, 2025, 37(6): 40-52.

He Xiaogang, Teng Ruifeng. An Exploration of How Short-term Debt for Long-term Use Affects Enterprises’ Green Development?—Micro Evidence from Enterprises[J]. Management Review, 2025, 37(6): 40-52.

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