The study empirically explores the relationship and influencing mechanism between multiple big creditors and maturity mismatch of investment and financing with samples of A-share lis-ted companies in Shanghai and Shenzhen from 2007 to 2020.The results show that multiple big credi-tors could effectively restrain the investment with short-term financing by improving the debt maturity structure of enterprises and decreasing over-investment.Further research finds that when the creditor banks are non-state-owned banks,the loans are non-syndicated loans,the enterprises are non-state-owned enterprises,and the industries are high-tech industries,the restraining effect of multiple big creditors on maturity mismatch of investment and financing is more significant.Economic consequence analysis demonstrates that multiple big creditors alleviate the financial risks of firms by suppressing the maturity mismatch of their investment and financing.
关键词
大债权人/投融资期限错配/短贷长投/过度投资/债务期限结构
Key words
big creditors/maturity mismatch of investment and financing/investment with short-term financing/over-investment/debt maturity structure
维普
万方数据