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| Research on the Impact of Multiple Big Creditors on Corporate Maturity Mismatch of Investment and Financing |
| ZHAI Shuping，SU Ye，FAN Ziqing |
| 1.Tianjin University of Finance and Economics， Tianjin， China；2.Inner Mongolia University， Hohhot， China |
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Abstract The study empirically explores the relationship and influencing mechanism between multiple big creditors and maturity mismatch of investment and financing with samples of A-share listed companies in Shanghai and Shenzhen from 2007 to 2020. The results show that multiple big creditors could effectively restrain the investment with short-term financing by improving the debt maturity structure of enterprises and decreasing over-investment. Further research finds that when the creditor banks are non-state-owned banks, the loans are non-syndicated loans, the enterprises are non-state-owned enterprises, and the industries are high-tech industries, the restraining effect of multiple big creditors on maturity mismatch of investment and financing is more significant. Economic consequence analysis demonstrates that multiple big creditors alleviate the financial risks of firms by suppressing the maturity mismatch of their investment and financing.
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Received: 07 March 2023
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