A Study of the Impact of Financial Flexibility on Corporate Investment and Financing Maturity Mismatch——A Mediation Model with Moderating Effects
Selecting the data of Chinese A-share main board listed enterprises from 2012 to 2022,we empirically analyze the im-pact of financial flexibility on corporate investment and financing maturity mismatch,the role of financing constraints in the channel between the two,and the moderating role of internal control on the direct and indirect paths of financial flexi-bility in influencing corporate investment and financing maturity mismatch using the moderated intermediation model.The results show that financial flexibility can significantly reduce the degree of corporate investment and financing maturity mismatch;the mechanism test results show that financial flexibility can reduce the degree of corporate investment and fi-nancing maturity mismatch by alleviating corporate financing constraints;at the same time,internal control quality mod-erates both the direct effect of financial flexibility and the mediating effect of financing constraints.The findings of the study are of great significance for enterprises to enhance the awareness of financial flexibility reserves,strengthen internal control,and optimize the maturity structure of corporate investment and financing.
financial flexibilityfinancing constraintsinternal controlmismatch between investment and financing maturities
万方数据
