Research on the Relationship between Analyst Forecast and Chinese Listed Companies’ Long-term Use of Short-term Debt
Abstract
Under the background that the central government pointed out “Ensuring that no major systemic financial risks will occurâ€, this study explores the mitigation mechanism of the long-term use of Short-term debt. Using the data of A-share listed companies in Shanghai and Shenzhen from 2010 to 2021, The results show that analysts’ Forecast can significantly inhibit the phenomenon of the long-term use of Short-term debt, and financing constraints play a partial intermediary role between them; Under the background of the long-term construction of China’s capital market at this stage, it is of practical significance to how to cooperate with the construction of macro capital market, provide micro guarantee and prevent major systemic financial risks.References
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