Research On The Impact Of Senior Management Team Stability On Corporate Investment And Financing Maturity Mismatc

Maturity Mismatch of Financing and Investment mainly refers to the behavior that Top Management Team uses short-term funds to carry out long-term investment activities,also known as “Short Financing and Long Investment”.In view of the situation that the enterprise is short of long-term funds to make long-term investments in China,Top Management Team is used to deal with it by Maturity Mismatch of Financing and Investment.Stability of Top Management Team may have a potential impact on the decision of Maturity Mismatch of Financing and Investment.The hidden risks brought by this problem need to be solved urgently.Based on the relevant theories such as "Immunisation Hypothesis","Agency Theory" and "Resource-Based View",combined with Managerial Entrenchment Hypotheses,Risk Avoidance Hypothesis,Opportunistic Behavior Hypothesis,Bonding Hypothesis and other related hypotheses,we make a normative analysis on how Stability of Top Management Team affects Maturity Mismatch of Financing and Investment.And we put forward the research hypothesis of this paper.We used empirical analysis to study on the annual data of A-share listed companies in Shanghai and Shenzhen stock markets from 2008 to 2020.A panel two-way fixed effect model is constructed to get relatively robust research results about this study.The results show that Stability of Top Management Team has a significant positive impact on Maturity Mismatch of Financing and Investment.It is further found that greater Information Asymmetric,the stronger the positive influence of Stability of Top Management Team on Maturity Mismatch of Financing and Investment.So Information Asymmetric is its important channel.Increasing Stock Incentive Compensation,controlling the shareholding ratio of the dominant shareholders and keeping moderate industry competition can reduce the positive impact of Stability of Top Management Team on Maturity Mismatch of Financing and Investment.Finally,we make suggestions for decision-makers to broaden long-term financing channels and fend off financial risks.