Maturity Mismatch of Investment and Financing and Enterprise Total Factor Productivity:Effect and Mechanism
Maturity mismatch of investment and financing is an alternative method for enterprises to deal with financial constraints.On the one hand,this aggressive financing strategy may trigger liquidity risk and has a negative effect on the TFP of enterprises.On the other hand,it may be a risk-taking behavior actively chosen by firms,which can enhance the value of enterprises and have a positive effect on the TFP.Using the annual data of nonfinancial listed firms from 2004 to 2019,the empirical results are as follows.First,the maturity mismatch of investment and financing has a significant negative impact on the TFP of corporates.The study finds that the inhibiting effect on enterprise TFP is more significant in firms with smaller scale,higher capital intensity,higher opacity,and lower-quality internal control.Investment-finance maturity mismatch inhibits TFP by increasing managerial risk aversion(increasing managerial myopia)and reducing the level of risk-taking(crowding out innovation inputs).Excluding non-linear effects and annual trends in the industry,other economic consequences of corporate investment and finan-cing maturity mismatches are manifested in the biased allocation of tangible assets.Therefore,efforts should be made from both the supply and demand sides,to improve the level of medium-and long-term capital supply to financial institutions and to modernize the companies'governance,in order to support the high-quality development of China's economy.
term structure of creditmaturity mismatchmanagerial myopiatotal factor productivity
NETL
NSTL
万方数据
维普
