投融资期限错配如何影响企业创新——基于企业生命周期的视角

How Maturity Mismatch of Investment and Financing Affects Firm Innovation?——Based on the Perspective of Corporate Life Cycle

国际金融危机以来,投融资期限错配现象越来越普遍,并对我国企业创新产生了重要影响。本文选取2009—2022年中国A股上市企业作为研究对象,以企业生命周期为视角,实证检验了投融资期限错配对企业创新的影响及其作用机理,研究发现:投融资期限错配对企业创新具有抑制效应,且随着企业成长愈发明显。机制检验显示,企业风险承担水平与企业财务风险水平是投融资期限错配影响企业创新的主要渠道,但其主要在企业的成熟期和衰退期中发生作用。

Since the international financial crisis,the phenomenon of maturity mismatch of investment and financing has become more and more common,and has had an important impact on the innovation of Chinese firms.This article selects China's A-share listed companies from 2009 to 2022 as the research object,and takes the corporate life cycle as the perspective to empirically test the impact of maturity mismatch of investment and financing on firm innovation and its mechanism.The study finds that:maturity mismatch of investment and financing has an impact on firm innovation.The inhibitory effect becomes more and more obvious as the company grows.The mechanism test shows that the level of corporate risk-taking and the level of corporate financial risk are the main channels through which the maturity mismatch of investment and financing affects firm innovation,but it mainly affects the maturity and decline stages of the company.