How Maturity Mismatch of Investment and Financing Affects Firm Innovation?
Since the international financial crisis,the phenomenon of maturity mismatch of investment and financing has become more and more common,and has had an important impact on the innovation of Chinese firms.This article selects China's A-share listed companies from 2009 to 2022 as the research object,and takes the corporate life cycle as the perspective to empirically test the impact of maturity mismatch of investment and financing on firm innovation and its mechanism.The study finds that:maturi-ty mismatch of investment and financing has an impact on firm innovation.The inhibitory effect becomes more and more obvious as the company grows.The mechanism test shows that the level of corporate risk-taking and the level of corporate financial risk are the main channels through which the maturity mismatch of investment and financing affects firm innovation,but it mainly af-fects the maturity and decline stages of the company.
Maturity mismatch of investment and financingCorporate life cycleFirm innovation
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