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The average maturity of total bank assets has been rising sharply following the 4-trillion-yuan stimulus package proposed by the Chinese government in 2009. This paper investigates the macroeconomic implications of maturity mismatch problem using the Chinese data over the period 2007Q1-2019Q4. We extend the New-Keynesian DSGE framework from several dimensions: (i) financial frictions between banks and households; (ii) multi-period loan contracts; (iii) dynamic differential reserve requirement as a macroprudential regulation tool. After estimating the model with Chinese data, the simulation results indicate that the sluggish adjustment of financing cost caused by maturity mismatch will attenuate the real sector fluctuation, however, the feedback effects will amplify the responses of the banking sector. Meanwhile, a severe maturity mismatch will dampen the effect of the required reserve rate as a tool to keep financial stability when confronted with productivity shock.

To contribute to the research on the role of financial activities in corporate development, this study addresses the critical issue of short-term debt financing for long-term investment (SDFLI) and its impact on the sustainable development of carbon-intensive enterprises in China. By analyzing panel data from the A-share listed carbon-intensive enterprises in China spanning from 2010 to 2021, this study aims to shed light on the significance of this phenomenon and its implications. The empirical findings reveal the existence of a maturity mismatch between investment and financing in carbon-intensive enterprises, which exerts a significant negative impact on total factor productivity (TFP) and poses challenges to their sustainable development. Furthermore, the adverse effects of maturity mismatches vary across different types of enterprises based on factors such as ownership, industry characteristics, financing constraints, and internal controls. The results of the mediation effect model demonstrate that maturity mismatch hampers the sustainable development of carbon-intensive enterprises by reducing investment efficiency and increasing agency costs. Additionally, the moderating role of innovation in carbon-intensive enterprises between maturity mismatch and sustainable development is also examined. This research provides insights to establish policies for facilitating sustainable development in carbon-intensive enterprises.

Green financial policies play an important role in acceleration of China’s green transformation. Existing associated studies mainly focus on the qualitative analysis and descriptive analysis. However, it still lacks empirical studies. To explore the relationship between green finance policies and the investment and financing terms of enterprises, the effects of green financial policies on investment-financing maturity mismatch of A-share companies on Shanghai Stock Exchange and Shenzhen Stock Exchange from 2009 to 2020 were investigated in this study by a difference-in-difference (DID) model. Results demonstrate that green financial policies significantly alleviate short-term loans used as long-term investment in enterprises. Green financial policies inhibit investment-financing maturity mismatch of enterprises by increasing loan availability, lowering financing cost and increasing proportion of long-term loans of enterprises. Such effect is more obvious in enterprises with higher internal control quality and enterprises with more transparent information. Green financial policies can alleviate short-term loans used as long-term investment in non-state-owned enterprises more obviously than state-owned enterprises. Research results provide some references to alleviate debt risks of enterprises. Enterprises are recommended to seek steady development, fulfil social responsibilities and take green low-carbon social actions extensively.

A major issue is whether the implementation of China’s green credit policy will affect the coordinated development of corporate sustainable operations and environmental protection. This paper used a propensity score matching—difference-in-differences (PSM-DID) model to analyse the impact of China’s green credit policy implemented in 2012 on the maturity mismatch risk between investment and financing in polluting and non-polluting companies. We found that: (1) green credit policies can help reduce the risk of maturity mismatch between investment and financing for polluting companies; (2) the reduction of short-term bank credit is the main way to curb the risk of maturity mismatch risk between investment and financing; (3) the green credit policy has no obvious mitigation effect on the risk of maturity mismatch between investment and financing among polluting companies with environmental protection investment; (4) the mitigation effect of the green credit policy on the maturity mismatch risk is more significant in state-owned polluting companies and polluting companies in areas with a lower level of financial development. The empirical results show that China’s green credit policy helps stimulate the environmental protection behaviour of companies, as well as helping alleviate the capital chain risk caused by the maturity mismatch between investment and financing. In addition, despite the effect of heterogeneity, it can solve the contradiction between environmental protection and economic development.

This study explores the relationship between corporate environmental, social, and governance (ESG) disagreements and corporate debt maturity. By examining panel samples from Chinese non-financial listed companies covering 2007 to 2020, we find that ESG disagreements negatively influence corporate debt maturity. Even after conducting a series of robustness tests and addressing endogeneity concerns, the adverse effects of ESG disagreements persisted. A heterogeneity analysis shows that this negative impact is more significant for non-state-owned enterprises, small enterprises, enterprises with high capital intensity, enterprises with low analyst attention, and enterprises in high-tech industries. Through a mechanism analysis, we discovered that ESG disagreements can lead to information asymmetry and heightened default risk, subsequently affecting the maturity of corporate debt. Further analysis confirms that the negative impact of ESG on the debt structure inhibits long-term investment and exacerbates the mismatch between investment and financing terms.

Risk-taking is a critical driver of sustainable development and financial performance for firms, especially under environmental degradation constraints. Despite the increasing implementation of green credit policies, their impact on corporate risk-taking remains underexplored in the existing literature. This study investigates the effects and underlying mechanisms of green credit policies on risk-taking behaviors among Chinese listed companies from 2009 to 2019. Utilizing econometric methodologies, including Difference-in-Differences, mediation analysis, and moderation analysis, the findings reveal that green credit policies significantly enhance the risk-taking activities of polluting enterprises. These results are robust across various sensitivity tests. Additionally, the relationship between green credit policies and corporate risk-taking is mediated by debt maturity mismatch and moderated by ESG and executive compensation. Subgroup analyses indicate that large and state-owned polluting enterprises experience greater increases in risk-taking compared to their small, medium-sized, and private counterparts. Furthermore, executive remuneration notably amplifies risk-taking in private firms. This research provides essential micro-level insights to optimize the effectiveness of green credit policies in promoting corporate risk-taking and advancing sustainable development.

Green finance has been widely acknowledged as a pivotal instrument for mitigating carbon emissions. However, few studies have focused on the role of maturity mismatches in promoting carbon emission reduction through green finance. This study aims to develop a composite criterion for green finance and examine the mechanism of how green finance affects carbon emissions via the new perspective of maturity mismatch. It is accomplished by applying a two-way fixed effects model which incorporates provincial data spanning from 2010 to 2020. The empirical evidence suggests green finance plays a significant role in carbon emission reduction, a result that remains robust even after undergoing other tests such as using instrumental variables and alternating econometric models. Furthermore, this effect is particularly pronounced in regions with high degrees of green finance and low energy consumption. Mechanism analysis documents that green finance reduces carbon emissions by addressing maturity mismatch issues faced by green enterprises. Further research finds that green finance can promote the synergy of pollution and carbon reduction; in particular, the effect of maturity mismatch on SO2 reduction is more obvious. Consequently, this study offers practical recommendations for governments, financial institutions, and other relevant policymakers to further propel the advancement of green finance.

This study used China’s accelerated depreciation policy (2014–2015) as an exogenous shock to examine the impact of tax incentives on firm financing structures. Based on data from China’s A-share listed companies from 2010 to 2017, we estimated a difference-in-differences model and found that the accelerated depreciation policy increased firms’ liability–asset ratio. Moreover, this rise was mainly seen in firms’ current liability–asset ratio (i.e., short-term leverage), while long-term leverage remained stable, which shortened firms’ debt maturity. The mechanism exploration showed that the accelerated depreciation policy stimulated fixed asset investment, and this investment increase was mainly financed by short-term debt, leading to greater maturity mismatch between firm assets and liabilities. Further heterogeneity analysis showed that the observed rise in short-term leverage was more serious among firms that were less likely to be allocated long-term credit from banks, including small-sized firms and those with a low share of tangible assets.

Owing to the lack of a unified ESG (environmental, social and governance) rating standard, notable inconsistencies have appeared in ESG ratings assigned to the same firm by various rating agencies. Based on data encompassing Chinese A-share listed companies from 2015 to 2023, this paper investigates the effects of ESG rating divergence on corporate financial flexibility. We find that ESG rating divergence reduces corporate financial flexibility, and the finding remains reliable following various robustness tests. Mechanism tests show that ESG rating divergence diminishes corporate financial flexibility by raising operating leverage and the cost of equity capital, and exacerbating the degree of maturity mismatch between investing and financing. Further, we find that the negative impact of ESG rating divergence on financial flexibility is more pronounced in heavily polluting firms, enterprises with stronger market competitive positions, those facing lower financing constraints and companies with higher analyst earning forecast accuracies. We subsequently explore the economic effects of financial flexibility in reaction to ESG rating divergence. The findings indicate that ESG rating divergence negatively affects corporate sustainable resilience by first reducing financial flexibility. Overall, this study reveals the specific effects and pathways via which ESG rating divergence affects the financial flexibility of firms, holding significant implications for actively promoting the establishment of ESG systems and achieving sustainable corporate growth.