Investment and Financing Maturity Allocation,Cash Holdings and Financial Risk
Rational allocation of financing and investment term has always been a management problem for enterprises to balance the efficiency of capital use and financial risk control.In recent years,the maturity mismatch has put enterprises in financial difficulties,and even caused well-known enterprises to face bank-ruptcy and liquidation crises,which has made the issue of enterprise investment and financing term allocation become one of the focuses of general social concern.Based on the data of A-share listed companies in Shang-hai and Shenzhen from 2008 to 2022,the article empirically examines the impact and mechanism of investment and financing term allocation on corporate financial risk.It is found that there is a significant positive U-shaped relationship between investment and financing maturity allocation and corporate financial risk,and the findings still hold after the robustness test.It is further found that the level of cash holding plays a media-ting role in the process of investment and financing term allocation affecting corporate financial risk,and at the same time,the significance of the impact of investment and financing term allocation on corporate financial risk decreases in the sample groups of CEOs with financial backgrounds and private enterprises.
investment and financing maturity allocationcash holdingsfinancial riskCEO financial back-ground
NETL
NSTL
万方数据
