ESG Rating Differences and Investment-Financing Maturity Mismatches
Taking the data of China's A-share listed companies from 2015 to 2022 as samples,the research finds that ESG rating differences are significantly positively correlated with the degree of enterprises'investment-finacing maturity mismatches.The mechanism test shows that the ESG rating differences can shorten the debt maturity of enterprises and reduce the long-term loans of enterprises,thus aggravating the maturity mismatches between investment and financing of enterprises.Heterogeneity analysis shows that the impact of ESG rating differences on investment-financing maturity mismatches is more obvious in enterprises with lower information quality and enterprises with higher media attention.Further research finds that the impact of ESG rating differences on the investment-financing maturity mismatches of enterprises with different ESG performance is heterogeneous,and ESG rating differences increase the bond default risk of enterprises by aggravating the degree of investment-financing maturity mismatches.
ESG Rating DifferencesInvestment-Financing Maturity MismatchesMaturity Structure of Cor-porate Credit
万方数据
维普
