激进策略、短贷长投与非理性短期借款

以 2008~2015 年A股上市公司为样本，经测算发现：平均每年约有32.95%的上市公司存在非理性短期借款行为。实证分析表明，非理性短期借款主要用于企业长期投资，即“短贷长投”，这不仅给金融机构流动资金贷款管理带来了挑战，而且提高了金融系统的潜在风险。进一步分析表明，短贷长投的主因并非实务界公认的金融制度缺陷，而是企业采取了过于激进的融资策略，因此对短贷长投的治理要“疏”、“堵”结合。

Aggressive Strategy,Short-term Loans Long Cast and Irrational Short-term Borrowing

Taking 2008-2015 A-share listed companies as samples, the calculation is that about 32.95% of the listed companies have the irrational short-term borrowing behavior average annual. The empirical analysis shows that short-term loans long cast is the main cause of irrational short-term borrowing. This not only presents a big challenge to ?nancial institutes, but also raises the potential risk of the ?nancial system. Further analysis shows that, although ?nancial system defects would force companies to take short-term loans long cast strategy, the main cause is companies taking the initiative to take an overly aggressive ?nancing strategies.