| Maturity mismatch of investment and financing refers to the mismatch between the maturity of enterprise financing funds and the maturity of investment demand,which is usually manifested as the enterprise blindly uses short-term credit funds to meet the demand of long-term asset investment.The investment and financing term mismatch phenomenon of short-term capital source and long-term capital use is easy to induce the capital chain rupture of enterprises to a certain extent,leading to the increase of liquidity risk,and then falling into debt crisis.Therefore,it is of important reference value and practical significance to study how to alleviate the maturity mismatch of enterprise investment and financing so as to prevent and resolve enterprise financial risks,optimize enterprise financing environment,promote the development of high-quality enterprise operation and promote the stable and healthy operation of national economy.As the cross-ownership that holds the equity of several companies in the same industry at the same time,the network connection at the ownership level enables it to have higher information and resource advantages.As an important participant in the capital market,the public or private information possessed by cross-ownership can be transmitted to the capital market through signals formed by their investment preferences.As an important stakeholder of an enterprise,in order to maximize the value of its portfolio,the cross-ownership is more motivated and willing to contribute their own resource advantages to corporate decision-making and governance,so as to ease the constraints of internal resources of the enterprise.Then,when an enterprise can obtain the required capital source from the social network of cross-ownership,can it effectively improve the maturity mismatch of enterprise investment and financing and reduce the business risk?Based on this,this thesis takes the mismatch between the cross-ownership and the investment and financing term of the enterprise as the research object,and discusses the influence and mechanism of the cross-ownership on the mismatch of the investment and financing term of the enterprise.Firstly,this thesis reviews and summarizes relevant domestic and foreign literature on the mismatch between cross-ownership and investment and financing term of enterprises,and preliminarily analyzes the relationship between cross-ownership and investment and financing term mismatch of enterprises.In order to verify the above hypothesis,this thesis selects the data of Chinese A-share listed companies from 2004 to 2020 to carry out empirical test and robustness test on the relationship between cross-ownership and the maturity mismatch of investment and financing.Furthermore,the mediation effect test is used to clarify the mechanism of cross-ownership to alleviate the maturity mismatch of investment and financing.In order to improve the feasibility and practical value of this thesis,the characteristics of corporate diversity,shareholder diversity and external environment diversity are also considered in the heterogeneity analysis to study its regulating effect on the relationship between cross-ownership and the maturity mismatch of investment and financing.Finally,the research conclusion of this thesis is drawn.The results show that cross-ownership can significantly inhibit the maturity mismatch of investment and financing,and the results are robust.When using the intermediary effect model to study the internal mechanism of cross-ownership alleviating the maturity mismatch of investment and financing,this thesis confirms that the social network of cross-ownership can improve the information transparency and reduce the information asymmetry between enterprises,thus optimizing the bank-enterprise relationship and obtaining more credit resources for enterprises.Cross-ownership with a high level of social trust can also improve the availability of external financing by utilizing their own resource advantages and interpersonal relationships,alleviate the financing constraints of enterprises,and thus reduce the behavior of enterprises in short-term lending and long-term investment.Through cross-sectional analysis,it is found that the synergistic effect of cross-ownership has a more significant positive effect on investment and financing decisions of enterprises in the growth stage and small-scale enterprises.However,no matter whether the shareholders have foreign capital background or not and their shareholding ratio of enterprises is high or low,the cross-ownership can alleviate the maturity mismatch problem of enterprises’ investment and financing,but the cross-ownership with foreign capital background and larger shareholding ratio have a stronger inhibition effect on short loan and long investment of enterprises.In addition,under the external conditions such as different bank concentration and different environmental uncertainties,the mitigation effect of cross-ownership is also significantly different.This thesis aims to better reduce the mismatch of enterprise investment and financing term and promote the healthy development of capital market.Based on the research conclusions,the following policy suggestions are put forward: First,enterprises should strengthen the inter-industry information exchange and resource transfer,and attach importance to the value of social network;Second,enterprises should actively introduce shareholders holding other enterprises in the same industry to obtain credit resources;Third,enterprises should fully consider their own characteristics and the characteristics of shareholders,according to different situations to make reasonable use of the advantages of information resources of cross-ownership;Fourth,the government should identify the phenomenon of cross-ownership,strengthen the supervision and guidance of the behavior of cross-ownership;Fifth,the government should promote the establishment of communication platforms between enterprises and between banks and enterprises to alleviate the problem of information asymmetry.Sixth,the government should formulate differentiated policies according to different regional environments to smooth the financing channels of enterprises.The main contributions of this thesis are as follows: First,this thesis expands the research on the economic consequences of cross-ownership,introduces two possible influence mechanisms of financing constraint and information transparency,discusses the influence of shareholder connection on the degree of investment and financing maturity mismatch of enterprises,and supplements the literature on the synergistic effect of cross-ownership on enterprise development.Second,this thesis has enriched the research on the factors influencing the mismatch of investment and financing terms of enterprises,deepened the understanding of the mismatch of investment and financing terms of cross-ownership and enterprises,and provided reference and practical advice for enterprises to improve their debt structure and reduce financial and operational risks. |
