Abstract：Based on the data of state-owned listed companies from 2012 to 2023, this paper employs a generalized difference-in-differences model according to the typical characteristic of soft budget constraints of state-owned enterprises to test the impact of the Guiding Opinions on Strengthening the Asset Liability Constraints of State-Owned Enterprises on the investment and financing maturity mismatch of state-owned enterprises. The research finds that after the implementation of the Opinion, the investment-financing maturity mismatch of state-owned enterprises with strong budget soft constraints has been significantly reduced, and this process is mainly achieved through two mechanisms: strengthening internal capital accumulation and reducing policy burden. Heterogeneity analyses find that this economic effect is mainly reflected in state-owned enterprises with high managerial risk preferences, strong agent opportunism, and weak external supervision.
胡云戈，李延喜，王夺，刘彦文. 资产负债约束强化对国有企业投融资期限错配的影响研究[J]. 管理学报, 2025, 22(9): 1763-.
HU Yunge，LI Yanxi，WANG Duo，LIU Yanwen. Research on the Impact of Asset Liability Constraints Strengthening on Investment-Financing Maturity Mismatch of State-Owned Enterprises. Chinese Journal of Management, 2025, 22(9): 1763-.
