中文摘要：

近年来,不少短期资金周转不灵的中小企业使用过桥贷款融资来解决资金缺口问题,而拥有闲置资金的企业则作为＂放款人＂参与到过桥贷款的投资中,试图获取高额投资回报。那么,过桥贷款投融资活动相对规模有多大,对企业财务绩效又将产生怎样的影响？本文以2008-2014年我国中小板非金融类上市公司为样本进行研究,结果发现：企业参与过桥贷款投资的资金规模起伏变化较大,过桥贷款融资的资金规模出现逐年增长趋势,样本企业过桥贷款融资规模大于过桥贷款投资规模;企业参与过桥贷款投融资活动,或者只参与过桥贷款投资、过桥贷款融资,均不能改善企业的财务绩效,甚至对于企业财务绩效具有负向效应。研究结论表明,企业不切实际的金融化选择,反而会恶化财务绩效,企业的持续发展应依托主营业务的创新驱动。

英文摘要：

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.