The Influence Of Raising Short-term Debt For Long-term Use On Enterprise Growth

In recent years,maturity mismatch behavior of raising short-term debt for long-term investment is universal in China and has caused serious impact on the growth of enterprises.Considering internal control is an important adjustment method for internal management,it is used to reduce maturity mismatch behavior and promote the growth of enterprises.Therefore,this paper uses Chinese non-financial listed company as the sample,incorporating maturity mismatch,internal control and corporate growth into a unified analysis framework.The study will enhance the growth of enterprise as well as provide new ideas for promoting the healthy development of Chinese capital market.The results of this paper show that the growth of enterprises is negatively influenced by maturity mismatch,while it is positively affected by internal control.Meanwhile,internal control can suppress the increase in maturity mismatch behavior as well as weaken the negative impact of maturity mismatch on enterprise growth.By conducting futher research on the regulating path,we find five elements of internal control each have different effect on maturity mismatch and the growth of enterprises.In relative to state-owned enterprises,internal control can significantly suppress maturity mismatch and weaken the negative impact of short-term growth in non-state-owned enterprises.Finally,based on the conclusions of empirical research,this paper proposes relevant recommendations from both the company itself and the government level,such as optimizing the debt structure,improving the long-term debt market and further improving internal control levels to reduce maturity mismatch and promote enterprise growth.