"一带一路"倡议与企业投融资期限错配:促进还是抑制?OA北大核心CHSSCDCSSCI

The Belt and Road Initiative is of great significance to the capital allocation of enterprises"going global".China's listed companies actively respond to the Belt and Road Initiative,with significantly increased out-ward foreign direct investment and import and export trade,and increasingly urgent financing needs,making finan-cing issues a key factor affecting the implementation of the Belt and Road Initiative.Current research mainly focu-ses on financing constraints,financing scale,and capital cost,and the financing problem of Chinese enterprises participating in the Belt and Road construction is still unresolved.Investment and financing term structure arrange-ment is an important part of enterprise investment and financing decision-making.Exploring whether the Belt and Road Initiative can match the investment and financing period of enterprises has strong reference significance for promoting the high-quality development of the Belt and Road Initiative and optimizing the capital allocation efficien-cy of enterprises. This paper takes China's A-share listed companies as the research object and empirically tests the impact of the Belt and Road Initiative on the maturity mismatch of investment and financing by constructing a difference-in-differ-ences model.The results show that after listed companies participate in the Belt and Road Initiative,the maturity mismatch of investment and financing decreases significantly;Moreover,the Belt and Road Initiative has a more significant inhibitory effect on the maturity mismatch of investment and financing of listed companies in state-owned property rights and main node cities.Further,expanding the scale of long-term financing and obtaining more gov-ernment subsidies and tax incentives are effective ways for the Belt and Road Initiative to restrain the maturity mis-match of investment and financing.Finally,the economic consequence test shows that the restraining effect of the Belt and Road Initiative on the maturity mismatch of investment and financing reduces the operating risk and im-proves the investment efficiency of enterprises. The marginal contributions of this paper may be as follows.First,this paper extends research on the policy im-plementation effect of the Belt and Road Initiative to the perspective of investment and financing relations,providing an empirical reference for the government to improve the design and adjustment of the policy framework and ensure the financing of enterprises participate in of the Belt and Road construction.Second,aiming at the transmission path of the Belt and Road Initiative to alleviate the maturity mismatch of investment and financing,this paper con-ducts an empirical test to uncover the"black box"of the Belt and Road Initiative to optimize corporate investment and financing decision-making,which is helpful to correctly understand the microeconomic effects of macroeconom-ic policies.Third,from the perspective of the Belt and Road Initiative,this paper makes a useful supplement for examining the investment and financing term structure arrangement of companies,which provides certain reference for enterprises to allocate capital elements reasonably and strengthen risk management.