| 摘要: |
| 摘要：投融资期限错配是金融风险的重要诱因，探究我国企业“短贷长投”现象对防范债务风险和维护金融稳定至关重要。以企业家精神对企业投融资期限错配的影响为核心，借助2009－2022年中国沪深A股上市公司数据，引入供应链关系治理视角，重点聚焦供应链话语权、商业信用以及供应链交易成本，深入探讨企业家精神在不同机制下的非线性作用特征。研究发现，企业家精神对投融资期限错配呈现“U”型影响：即随着企业家精神由低到高的转变，投融资期限错配程度呈现先下降后上升的非线性变化趋势，其中供应链关系治理发挥了中介作用。同时，企业家精神的不同维度作用存在结构差异，“勇于创新”表现出非线性影响，而“长期视野”则单向优化错配问题。此外，管理层非过度自信、数字化转型程度较高和营商环境较好的企业，更能释放企业家精神的积极效应。研究为弘扬企业家精神以优化企业投融资行为进而有效防范金融风险，提供了有益借鉴。 |
| 关键词: 关键词：企业家精神；企业投融资期限错配；供应链关系治理；结构差异 |
| DOI： |
| 分类号:F275.5 |
| 基金项目:基金项目：甘肃省人文社会科学项目“新质生产力赋能甘肃产业转型升级的机制与对策研究”（24ZZ11）；兰州市哲学社会科学规划项目“供应链金融赋能兰州市专精特新高质量发展的路径和长效机制”（24-A15）。 |
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| Can Entrepreneurship Alleviate Corporate Investment and Financing Maturity Mismatches?——Evidence Based on a Supply Chain Relationship Governance Perspective |
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JIAN Guan-qun，DENG Jia
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（School of Economics,Gansu University of Political Science and Law,Lanzhou 730000,China）
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| Abstract: |
| Abstract：Investment and financing maturity mismatch is an important cause of financial risk,and it is crucial to explore the phenomenon of ‘short-term loan and long-term investment’ of Chinese enterprises to prevent debt risk and maintain financial stability.This paper focuses on the impact of entrepreneurship on corporate investment and financing maturity mismatch,with the data of Chinese A-share listed companies in Shanghai and Shenzhen from 2009 to 2022,and introduces the perspective of supply chain relationship governance,focusing on supply chain discourse,commercial credit and supply chain transaction cost,to explore the non-linear role of entrepreneurship under different mechanisms.The study finds that entrepreneurship has a U-shaped effect on investment and financing maturity mismatch：As the entrepreneurial spirit shifts from low to high, the degree of mismatch between investment and financing terms shows a non-linear change trend of first decreasing and then increasing, in which supply chain relationship governance plays a mediating role.Meanwhile,there are structural differences in the effects of different dimensions of entrepreneurship,with ‘courage to innovate’ showing a non-linear effect and ‘long-term vision’ unidirectionally optimising the mismatch problem.In addition,firms with non-overconfident management,higher levels of digital transformation and better business environments are more likely to unleash the positive effects of entrepreneurship.This research offers valuable insights for promoting entrepreneurial spirit to optimize the investment and financing behaviors of enterprises and effectively prevent financial risks. |
| Key words: Key words：Entrepreneurship；Corporate Investment and Financing Maturity Mismatch；Supply Chain Relationship Governance；Structural Differences |
