Can Capital Market Liberalization Ease The Maturity Mismatch Of Corporate Investment And Financing?

The current trend of opening up China’s capital market is accelerating along with the accelerating pace of China’s internationalisation.The official opening of the "Shenzhen-Hong Kong Stock Connect" connectivity in 2016 has further accelerated the free flow of capital between Shanghai and Shenzhen,and contributed to the development and improvement of the capital market.At the same time,it has also injected more funds into the domestic listed companies,expanded the financing channels of the domestic companies,and affected the operation and management of the listed companies.With the current promotion of financial deleveraging and further deepening of supply-side structural reform in China,the issue of the impact of the trading system of the "Shenzhen-Hong Kong Stock Connect" on the real economy.At present,there is a serious mismatch between investment and financing period of "short financing and long financing" in Chinese enterprises,and this phenomenon leads to a series of negative problems such as increased risk of enterprise operation and limited healthy development of enterprises,which damages the robustness of China’s financial system.Therefore,This paper takes the quasi-natural experiment of "Shenzhen-Hong Kong Stock Connect" trading system as the research background,systematically open to the capital market can alleviate the enterprise investment and financing period mismatch phenomenon this problem,further enrich the capital market open system impact on the real economy related research,fit the financial service policy spirit of the real economy.This paper mainly follows the following lines of thought in the arrangement of research ideas and contents: firstly,to conduct a literature review to summarize and summarize the literature related to the topic of this paper;secondly,to conduct a theoretical analysis of how the opening up of capital markets can alleviate the phenomenon of maturity mismatch in investment and financing based on the theoretical basis introduced in this paper,and to explore its intermediary mechanism and analyze the effect of financing constraints in it,so as to put forward the research hypothesis;Again,this paper selects data related to A-share listed companies on the Shenzhen Stock Exchange from 2012 to 2020 as the research sample,constructs a double difference model to test whether capital market liberalisation can play a role in alleviating the maturity mismatch phenomenon of investment and financing,and applies a mediation effect model to test whether the financing constraint plays a mediating role to verify the research hypothesis proposed in the previous paper.The paper then conducts a heterogeneity analysis in four aspects to carry out further research.Finally,the paper again summarises the research findings based on the empirical test results,and puts forward reasonable and effective relevant policy recommendations based on the research findings and institutional background.It is found that the policy of capital market opening can play a significant role in alleviating the maturity mismatch of enterprise investment and financing,and can play a strong effect in reducing the irrational investment and financing strategy of "short financing and long investment" of enterprises.In the analysis of the influence mechanism,this paper found that the variable of financing constraint plays a partially mediating role in the role mechanism of capital market opening to alleviate the maturity mismatch of enterprise investment and financing.In addition,the results of heterogeneity analysis show that in non-state-owned enterprises,enterprises with high equity concentration,high agency cost and poor audit quality,the opening of capital market plays a greater role in improving the mismatch of investment and financing period stubborn.Finally,based on the research results of this paper,the following four policy suggestions are put forward: First,China should continue to increase the opening of the capital market and continue to steadily promote the opening policy of the capital market.Second,it is necessary to cultivate the value investment concept of investors and optimize the investor structure.Third,we should improve the quality of enterprise information disclosure and strengthen the relevant system of information disclosure.Fourth,to establish an effective enterprise supervision mechanism to improve the level of corporate governance.