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| Evidence from Companies Listed onSME Board |
| LI Jianjun, MA Sichao
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| School of Finance, Central University of Finance and Economics |
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Abstract In recent years, a number of enterprises in need of short-term cash flow resort to the bridge loan to solve their problems. Meanwhile, firms with idle funds participate in the investment of the bridge loan by acting as the “lender” in the shadow credit market, obtaining returns higher than industrial investment. Using China's non-financial companies listed on the small and medium-sized board in 2008-2014 as samples, this paper conducts an empirical study of the relationship between participation in “bridge loan” activities and corporate financial performance. The study finds that the scale of companies’ investment in the “bridge loan” increases and decreases quickly and the bridge financing appears normalized trend year by year. Enterprises participate in the bridge loan investment and financing activities, or only in the bridge loan investments or bridge loan financing, did not improve, even has a negative effect to the financial performance of the enterprise. The conclusion is that the unrealistic financial choice of enterprise will worsen the financial performance, the sustainable development of enterprises should rely on the main industry as well as innovation driven.
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Published: 18 January 2018
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