Research On The Influence Of Investment And Financing Term Mismatch On Total Factor Productivity

Enterprise investment and financing maturity mismatch refers to the mismatch between asset-side maturity and liability-side maturity.Enterprises use short-term credit to support long-term investment activities,which is a common investment and financing phenomenon in Chinese enterprises.Using the data of China’s A-share listed companies from 2012 to 2020,this paper explores the relationship between corporate investment and financing maturity mismatch and total factor productivity.Related research has confirmed that the financial strategy of supporting long-term investment with rolling short-term funds will have a significant inhibitory effect on the total factor productivity of enterprises.This paper takes the mismatch of corporate investment and financing terms as the core explanatory variable,and uses corporate R&D investment,corporate capital return,corporate asset-liability ratio,corporate fixed asset turnover ratio,and corporate current asset turnover ratio as control variables to build a panel regression model.In-depth exploration found that there is a certain degree of corporate heterogeneity in the negative impact of corporate investment and financing term mismatch on total factor productivity,that is,it is more obvious in private enterprises.Negative effects are weak.The study concluded that:1.The mismatch of investment and financing terms of enterprises is increasing,and there are significant differences among enterprises with different attributes;2.The total factor productivity of enterprises varies significantly among enterprises with different attributes;3.The mismatch of investment and financing terms of enterprises has a significant inhibitory effect on total factor productivity;4.The asset-liability ratio and the proportion of the largest shareholder have a moderating effect on total factor productivity.Based on these conclusions,the study concluded that:1.Broaden the multi-channel financing system,form an orderly and diversified financial market,and reduce the financial mismatch of enterprises;2.Improve the innovation ability of enterprises and promote technological progress;3.Vigorously support and subsidize private enterprises to reduce the impact of financial mismatches on total factor productivity.