Monetary Policy, Maturity Mismatch of Investment & Financing and Business Performance
XU Yao1, HONG Wei-qing2, XIE Xiang-bing3
1.School of Management, Xiamen University, Xiamen 361005, China 2.Capital Market Statistic and Monitoring Center, Beijing 100033, China; 3.School of Accounting, Henan University of Economics and Law, Zhengzhou 450046, China
Abstract Using the data of non-financial listed companies in the A-Share market from 2008 to 2015, this paper studies the influence of the degree of maturity match of investment and financing on business performance, and examines the moderating effects of monetary policy. The results show that the relationship between the degree of maturity match of investment and financing and firm performance presents an inverted U curve. With a low level of maturity match, tight monetary policies can strengthen the positive relationship between maturity match and business performance while with a high level of maturity match, tight of monetary policies can strengthen the negative relationship between maturity match and business performance.
2017, Vol. 34 
