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
维普
万方数据
