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| Research on the Impact of the State-Owned Capital Investment and Operation Company Reform on the Investment-Financing Maturity Mismatch of SOEs |
| LYU Zhenwei，QI Haodong |
| 1.Shandong Technology and Business University, Yantai, Shandong， China；2.Shandong University of Finance and Economics, Jinan, China |
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Abstract This study examines the impact of the state-owned capital investment and operation company reform on the investment-financing maturity mismatch of state-owned enterprises (SOEs) using the state-owned listed enterprises from 2009 to 2022 as samples. The results show that the state-owned capital investment and operation company reform can significantly alleviate the investment-financing maturity mismatch of SOEs, and the mechanism. Pathways are to reduce over-investment, heighten internal financing capacity, and optimize external financing. The heterogeneity analysis reveals that the relationship between the reform and investment-financing maturity mismatch of SOEs is affected by the extent of function transformation of state-owned assets supervision and administration institutions, the construction mode of state-owned capital investment and operation company, and the governance of non-state-owned shareholders. The economic consequence test shows that the mitigation effect of the reform on the investment-financing maturity mismatch of SOEs can further reduce the financial risk and business risk of SOEs, promote the high-quality development of SOEs, and enhance the future value of SOEs.
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Received: 15 November 2024
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