摘要
Abstract
Currently,listed companies in China widely rely on short-term debt financing to support long-term asset investments.This persistent"short-term borrowing for long-term investment"maturity mismatch has become a potential trigger for corporate liquidity crises and macroeconomic instability.Uncovering the formation mechanisms and mitigation pathways of corporate investment-financing maturity mismatch holds significant practical implications for maintaining economic stability and achieving high-quality development.
Grounded in the resource-based view and signaling theory,this study utilizes a comprehensive panel dataset of Chinese A-share listed companies from 2015 to 2024 to empirically investigate the mitigating effect of corporate green transformation on the investment-financing maturity mismatch,as well as its underlying mechanisms.The em-pirical results demonstrate that corporate green transformation significantly alleviates the investment-financing matu-rity mismatch.This core finding remains robust after a series of endogeneity and robustness checks.
Mechanism analyses reveal that green transformation exerts its governance effect primarily through a dual-per-spective framework.First,through an"internal efficiency"enhancement mechanism,green transformation signifi-cantly improves total factor productivity(TFP).This facilitates cost reduction and efficiency gains,thereby optimi-zing the internal capital structure and reducing reliance on short-term debt.Second,through a"corporate reputa-tion"signaling mechanism,green transformation improves external media evaluation and overall corporate reputa-tion.This effectively mitigates information asymmetry between banks and enterprises,thereby increasing the acces-sibility and availability of long-term credit.
Furthermore,interactive effect tests indicate that an increase in supply chain risks weakens the mitigating effect of green transformation on maturity mismatch.Heterogeneity analyses further illustrate that the governance dividends derived from green transformation are asymmetric;the mitigating effects are more pronounced in large-scale enterprises,non-state-owned enterprises,and heavily polluting enterprises,which face different market and regulatory constraints.
This study makes several theoretical and practical contributions.First,it expands literature on the economic consequences of green transformation by confirming its"structural dividend"in optimizing debt maturity,thereby shifting the focus from purely environmental performance to critical financial risk governance.Second,by identif-ying the dual pathways of TFP and reputation,it uncovers the specific transmission channels from green strategies to financial stability.Practically,the conclusions provide valuable decision-making references for regulatory authori-ties to refine differentiated green finance policies based on firm heterogeneities,and for enterprise managers to stra-tegically leverage green transformation to optimize debt maturity structures and achieve resilient development.关键词
绿色化转型/投融资期限错配/全要素生产率/企业声誉/高质量发展Key words
green transformation/investment-financing maturity mismatch/TFP/corporate reputation/high-quality development分类
管理科学
