我国短期融资券募集资金是否存在短融长投——对中国上市公司的实证研究

本文以发行短期融资券的上市公司为样本，用回归分析的方法实证研究了上市公司短期融资券募集资金的使用情况。实证结果显示短期融资券发行额与营运资金增加额呈显著的负相关关系，与长期资产现金支出、以及偿还债务所支付的现金均呈显著的正相关关系。表明上市公司发行短期融资券募集的资金存在短融长投及集中还贷的现象，也就反映了企业利用市场时机进行融资、并用短期资金进行长期投资的行为。这种短融长投的行为可能因为投融资期限不匹配而导致企业财务风险，并给投资者带来一定的兑付风险。

Are Short-Term Financing Bills used for Long-Term Investment——Empirical Research of Chinese listed companies

The paper empirically analyze the use of funds raised by short-term financing bills in those listed companies which have issued short-term financing bills.The empirical results show that there is a significant negative relationship between the amounts of short＇term financing bills and the increment of working capitals, and a significant positive relationship between the amounts of short-term financing bill and the cash flow out of the long-term investment and the amounts of debts return. This gives the evidence that listed companies tend to use short-term financing not only to makeup working capitals but also invest in long-term products and restructure the debt structure. This may cause financial distress to enterprises and the default risk to investors because of the mismatch of term structure of financing and investment.