Abstract:

Based on the quasi-natural experiment of the pilot policy in the construction of a social credit system, this paper evaluates the influence of pilot policy on the long–term investment with short–term financing of non–financial listed enterprises through staggered difference-in-differences method. The results show that the pilot policy of constructing a social credit system can effectively alleviate enterprises' long–term investment with short–term financing caused by credit rationing, which validates the “passive theory” of long–term investment with short–term financing. Mechanism tests show that reducing financing cost, extending debt maturity, and enriching equity financing are the main action paths. The extension study found that the mitigation effect of long–term investment with short–term financing was more significant in areas with weak social trust and poor financial development, and in the sample of enterprises with high information asymmetry and low governance level. The economic effect analysis shows that the improvement of long-term investment with short-term financing under the construction of a social credit system is conducive to improving business performance and reducing financial risks.

Key words:

pilot policy for building social credit system, empowering with credit, long–term investment with short–term financing

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