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| Research on the Impact of Asset Liability Constraints Strengthening on Investment-Financing Maturity Mismatch of State-Owned Enterprises |
| HU Yunge，LI Yanxi，WANG Duo，LIU Yanwen |
| Dalian University of Technology, Dalian, Liaoning, China |
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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.
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Received: 17 April 2024
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