The Impact of Social Credit System Construction on Investment and Financing Maturity Mismatch of Agriculture-related Enterprises
The investment and financing behavior of agricultural enterprises is of great significance for promoting agricultural and rural development,enhancing farmers'income,and achieving rural revitalization.Based on the policy background of the social credit system reform pilot,the article adopts the data of China's A-share listed agriculture-related companies from 2009 to 2022,and evaluates the effect of the reform pilot from the perspective of enterprise investment and financing term mismatch.The study shows that(1)the social credit system reform pilot conducive to curbing the investment and financing maturity mismatch of agriculture-related firms and passes a series of robustness tests;(2)the social credit system reform pilot reduces the risk of investment and financing maturity mismatch of agriculture-related firms by improving the transparency of corporate information;(3)in the case of state-owned firms with high gearing ratios,a low proportion of institutional investor shareholdings,a low level of analyst attention,an old age and enterprises in regions with a lower degree of marketisation development,the inhibiting effect of the pilot social credit system reform on the investment and financing maturity mismatch of agriculture-related enterprises is more obvious.The research in the article provides theoretical support and policy direction for continuing to improve the pilot reform of social credit system,and provides a new perspective for the government and agriculture-related enterprises to re-examine the social value effect of the pilot reform of social credit system.
Social Credit SystemInvestment and Financing Maturity MismatchAgribusinessEnterprise Information Transparency
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