Research On The Existence And Influencing Factors Of The Maturity Mismatch Of Investment And Financing Of Chinese Enterprises

Maturity mismatch of investment and financing which is to support long-term investment with short-term financing is a phenomenon of financial heterogeneity,which is called "short-term financing for long-term investment" by domestic scholars.This phenomenon will bring liquid and operating risks to enterprises and make them fall into deep operating and financial crisis.Therefore,it is of great practical value to study the existence and influencing factors of the maturity mismatch of investment and financing in Chinese enterprises to understand the current situation of enterprises.This thesis firstly finds through the analysis of macro data that there is a mismatch in the term of long-term financing of society that cannot meet the fixed investment of society,and thus depends on a large amount of short-term financing to support long-term fixed asset investment.Then combining with the literature review and theoretical basis,the thesis finds out the formation mechanism of the maturity mismatch of investment and financing in Chinese enterprises.On the one hand,the shortcomings of the financial market system have caused long-term funds to fail to meet the needs of the real economy,leading companies to be forced to short-term financing for long-term investment;on the other hand,the irrational investment and financing decisions of the management lead to enterprises' active short-term financing for long-term investment.Further,this thesis takes the data of all A-share listed companies from 2010 to 2018 as samples,and draws a conclusion by combining theory and empirical evidence:(1)it is true that Chinese enterprises generally have the mismatching problem of "short financing for long investment".(2)in the financial market,there are institutional defects of supply-side structure such as unbalanced development of direct financing market and indirect financing market,lack of financing channels,unreasonable distribution of large and medium-sized financial institutions,etc.,which lead to the failure of long-term capital supply to meet the physical demand,and force enterprises with high financing constraints to are forced to short-term financing for long-term investment.In the direct financing market,the development of equity financing market can significantly reduce the forced short-term financing for long-term investment of enterprises.The development of shadow banking complements the financing channels of the financial market,diversifies financial products,and effectively alleviates the short financing and long investment of enterprises with high financing constraints.Competition in the banking system can also improve banking monopolies and thus relieve firms from being forced to invest short-term financing for long-term investment.(3)under the background of state-owned enterprise is our country system of corporate ownership,state-owned enterprises are often easy to get long-term bank loan.However,this thesis finds that the maturity mismatch of state-owned enterprises is more serious.This is because compared with private enterprises,on the one hand,banks lack supervision of state-owned enterprises' loan,and even tacitly approve state-owned enterprises to use liquid funds for long-term investment.When the management is overconfident,due to the special advantages of state-owned enterprises,management often thinks that short-term loan extension is not a problem,and the companies' liquidity risk and operating risk are low.Therefore,it actively reduces the need for long-term financing in investment and financing strategies and increases excessive investment and inefficient investment has caused a more serious "active" short-term financing for long-term investment.The fundamental concept of this thesis is focused on the viewpoint of Chinese institutional background,together with the supply side of the capital system and the demand side of the enterprise,investment and financing of the business,and finding that the Maturity mismatch of investment and financing cycles of the Chinese companies had both "forced" financing for long term investment and"active" short-term financing for long term investment.