文献类型：期刊文献

英文题名：Green investment policy and maturity mismatch of investment and financing in China's heavily polluting enterprises

作者：Liu, Yang[1];Pham, Ha[2];Mai, Yong[1]

机构：[1]East China Univ Sci & Technol, Sch Business, Shanghai 200237, Peoples R China;[2]Ho Chi Minh City Open Univ, Sch Business, Ho Chi Minh City, Vietnam

年份：2024

卷号：93

起止页码：1145

外文期刊名：INTERNATIONAL REVIEW OF ECONOMICS & FINANCE

收录：;WOS:【SSCI(收录号:WOS:001243160700001)】；

基金：This work was supported by the [National Natural Science Foundation Major Research Program] under Grand [number 92146002] and the [National Social Science Foundation Project] Grand [number 20FJYB057]

语种：英文

外文关键词：Green investment policy; Long-term investment; Heavily polluting enterprises; Maturity mismatch of investment and financing; Corporate governance

摘要：In the context of China's heavily polluting enterprises facing a challenge of maturity mismatch due to long payback cycles and environmental risks, this study investigates the potential impact of China's 'Green Investment Guidelines (Trial)' released in 2018. The guidelines serve as a policy focal point, aiming to address the challenges posed by long payback cycles and environmental risks in the investment projects of these enterprises. Analyzing data from 2015 to 2021, our findings reveal a negative correlation between the guidelines and the maturity mismatch problem. Long-term investment emerges as a crucial intermediary variable in this relationship. Notably, the inhibitory effect is more pronounced in non -state-owned enterprises, firms with weak governance capabilities, and those with high ownership concentration.