Social Credit System Construction and Corporate Investment and Financing Maturity Mismatch
Using the double robust estimation method of staggered DID approach with error correction,this paper explores the influence of social credit system construction on corporate investment and financing maturity mismatch.It is found that social credit system construction significantly improves the corporate investment and financing maturity mismatch,through the channels of building public credit platform to reduce information asymmetry between banks and enterprises,and estab-lishing a system of corporate credit constraints to regulate corporate investment behaviors.Heterogeneity analysis finds that the effect of social credit system construction is more significant for private enterprises,enterprises in key attention indus-tries and enterprises in regions with low fiscal income.Further analysis finds that the construction of social credit system reduces the business risk of enterprises.
social credit system constructioncorporate investment and financing maturity mismatchbank-enterprise in-formation asymmetrycorporate credit constraints
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