The 273th Wenlan Financial Forum

Abstract：

The maturity structure mismatch between debt and assets (" short debt and long debt ") is a common debt problem in Chinese enterprises. Some studies have suggested that the reason lies in the supply side. In order to control their own risks and cope with the pressure of credit assessment, banks provide more short-term credit to enterprises. In recent years, strong financial regulation (" new asset management rules ") has reshaped the asset liability management of banks. A question worth studying is how this affects the debt problem of enterprises. The findings of this study are as follows: First, in the time dimension, while the new regulation of asset management reduces the pressure on banks to maintain capital, it also promotes the expansion of time deposits, leading to the structural change of deposit maturity extension. Second, based on the life cycle and risk preference theory and empirical verification, the aforementioned long-term deposit shows spatial structural heterogeneity (stronger effect) according to the population structure (the more elderly people). Third, the three-stage econometric model identifies the causal chain of "long-term household deposits → long-term corporate loans → long-term reduction of corporate short debt". The research in this paper shows that the strong financial supervision policy of the new asset management regulation plays a governance role in the debt problem of enterprises with "short debt and long use", and there is a spatio-temporal structure effect, which provides an empirical reference for improving modern financial supervision and deepening the structural reform of the financial supply side.

Speaker Introduction：

Chong Liu, Ph.D., Professor of Economics, School of Finance, Shanghai University of Finance and Economics, doctoral supervisor, selected as the national "Ten thousand People Plan" young top talent. Main research interests: Money and banking, fiscal and financial policy, culture and finance. He has published more than 30 papers in domestic high-level academic journals and SSCI journals such as Chinese Social Sciences, Economic Research, Management World, economics (Quarterly), journal of real estate finance and economics, and chaired 2 national self-science funds. Social science major subproject, postdoctoral fund 1.