文献类型：期刊文献

英文题名：Official Visit, Bank Credit and Maturity Mismatch: Evidence from Chinese Listed Firms

作者：Yunxia, Bai[1];Qiu, Muqing[2]

机构：[1]Tongji Univ, Sch Econ & Management, Shanghai, Peoples R China;[2]East China Univ Sci & Technol, Business Sch, Shanghai, Peoples R China

年份：2021

卷号：57

期号：15

起止页码：4361

外文期刊名：EMERGING MARKETS FINANCE AND TRADE

收录：;WOS:【SSCI(收录号:WOS:000564328200001)】；

基金：We appreciate financial support by China Postdoctoral Science Foundation [Grant No. 2018M640353]; National Natural Science Foundation of China [Grant No. 71472138]; The MOE (Ministry of Education in China) Project of Humanities and Social Sciences [Grant No. 19YJC630133]. We are also appreciate and are thankful to the Fundamental Research Funds for the Central Universities [Grant No. WN1824001].

语种：英文

外文关键词：Official visit; online information disclosure; bank credit; maturity mismatch

摘要：It is becoming increasingly common in recent years that Chinese government officials visit companies on site and the news about this spread widely on the Internet. Official visits can bring various benefits to companies in China, where the government still plays an important role in allocating economic resources, including bank credit. Based on the data of officials' visits to Chinese listed firms during 2006-2019, this paper finds that firms' access to short-term bank loans increases significantly after officials' visits, which, in turn, significantly enhance the degree of maturity mismatch. Furthermore, the paper finds that the stock market reacts negatively to the maturity mismatch. However, firms' stock return is discounted less for maturity mismatch both in short and long term when firms are visited by officials. The findings in this paper are helpful in profoundly understanding China's economic system and Chinese government-enterprise relationship.