The Influence of The Pilot Policy of Technology Finance Integration on The Term Mismatch of Enterprise
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Abstract The pilot policy of technology finance integration is not only a gradual reform characterized by typical governance, but also a powerful measure to prevent the disorderly expansion of capital, guide the financial sector to serve the real economy, and accelerate high-quality economic development. As an important participant in the economy, enterprises cannot transform, upgrade and innovate without long-term financial support. Based on data from 2007 to 2020 on Chinese A-share listed manufacturing companies and a quasi-experiment on the technology finance integration pilot policy, this paper finds that the technology finance integration pilot policy significantly suppresses maturity mismatch of enterprises, and this finding still holds significantly after a series of robustness tests. The channel analysis shows that the technology finance integration pilot can effectively mitigate the maturity mismatch of enterprises through channels of equity financing, long-term debt-type financing and government assistance. Heterogeneity analysis indicates that the inhibitory effect of the technology finance integration pilot policy on maturity mismatch was more pronounced among enterprises with severe maturity mismatch and those with rational borrowing. The conclusions of this paper provide an important reference for the government to actively guide financial capital to promote economic development.
ZHU Renze,CHEN Xiangguang,LI Guangwu. The Influence of The Pilot Policy of Technology Finance Integration on The Term Mismatch of Enterprise. Economic Survey, 2023, 40(1): 0130.
2023, Vol. 40 
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