The choice of green financing term will directly influence green investment and the financial stability and sustainable development of enterprises.Based on the fact that the investment and financing period of green projects is long,the risk is large,and the debt funds account for a large proportion of domestic green project financing,this paper constructs a three-phase model of corporate green debt financing,analyzes the close relationship between corporate green debt maturity decision-making and green capital market and information environment,and reveals the impact of green debt capital constraints and information asymmetry on the choice of green debt maturity structure of enterprises.It is found that the refinancing risk of short-term debt and the cost level of long-term debt are important factors affecting the decision-making of green financing term and the term decision of corporate green debt financing is significantly affected by the balance between private gains and losses of corporate managers.The reduction of information asymmetry and the easing of financing constraints for corporate green projects will help to extend the financing term of corporate green debt.The change of self-financing scale,project risk,internal incentive,management cost and other factors of enterprise green projects are also closely related to the decision-making of enterprise green debt financing term.Accordingly,financial institutions should increase the innovation of green financial products,enterprises should focus on improving the quality of information disclosure of green projects,and the government should build relevant institutional systems conducive to the development of green finance.
green debt financingmaturity structureinformation asymmetryfinancing constraints
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