The Belt And Road Initiative, Credit Enhancement And Corporate Investment And Financing Maturity Mismatc

Now,the mismatch of investment and financing terms is a phenomenon in which the assets and debt structures of an enterprise do not match.This phenomenon will increase the operating risk of the enterprise and is not conducive to the long-term sustainable operation of the enterprise.In order to reduce the adverse impact of investment and financing maturity mismatch on enterprises,scholars at home and abroad have conducted a lot of research on it.It lays a theoretical foundation and provides practical guidance for researching and solving the problem of investment and financing maturity mismatch.With the high-quality advancement of the "Belt and Road" construction,more and more Chinese enterprises have aligned their own development with the "Belt and Road" strategy,and are actively conducting project cooperation and investment in countries and regions along the "Belt and Road".Shortterm loans and long-term investments are also a common financing method in foreign investment.In the process of "One Belt,One Road",what are the strategic choices of enterprises for investment and financing? What is the impact on its financial capacity and risk? What is the mechanism and role of it? Starting from the "Belt and Road" initiative,this paper explores the impact and path of the "Belt and Road" initiative,a macroeconomic policy factor,on the mismatch of investment and financing terms of enterprises.The data sample range for listed companies selected in this paper is from 2008 to2019.From the perspective of credit financing enhancement,the triple difference method(DDD)is used to explore the impact of the macroeconomic policy of the "Belt and Road" initiative on the mismatch of investment and financing deadlines in the micro behavior of enterprises.Further analysis of the mechanism of action is carried out,starting from the adjustment effect of the internal enterprise financial status and the external enterprise financing restraint mitigation effect,to empirically test the specific effect path of the "Belt and Road" initiative affecting the mismatch of investment and financing terms of enterprises.Through empirical analysis,the following conclusions are drawn:(1)After the “Belt and Road” initiative was put forward,the scale of credit financing in the experimental group increased significantly,especially long-term loans.The increase in long-term loans alleviated the mismatch of investment and financing terms of enterprises supported by the initiative..This conclusion holds even after the use of heterogeneity,placebo and robustness tests.(2)This paper examines the mechanism of action from two perspectives.Through empirical analysis,it is found that: after the "One Belt,One Road" initiative is proposed,the financial situation of enterprises has improved and long-term borrowings have increased,and the external financing constraints faced by enterprises have been alleviated.To sum up,the main ways for the policy impact to bring about the mismatch of investment and financing terms of enterprises are to improve the financial situation of enterprises and ease the constraints of corporate financing.At present,there is a common phenomenon of mismatch of investment and financing terms in Chinese enterprises.Starting from the policy of the “Belt and Road” initiative,this paper explores whether it can significantly alleviate the mismatch of investment and financing terms of related companies,and further studies its specific mechanism.To promote the rational allocation of credit funds of financial institutions such as banks,and to promote the sustainable and healthy investment of enterprises in the countries and regions along the "Belt and Road",the research in this paper has certain theoretical and practical significance.