The Construction of Free Trade Zones Will Invest and Finance for China’s Enterprises Study on the Impact of Maturity Mismatch

DOI: https://doi.org/10.62517/jmsd.202412613

Author(s)

Ye Yang

Affiliation(s)

Capital University of Economics and Business, Bei jing, China

Abstract

With the intensification of market competition, the investment and financing risks of enterprises increase, especially the maturity mismatch may lead to the rupture of capital flow and affect the stable development of enterprises. This paper studies how the free trade zone affects the maturity mismatch of enterprise investment and financing. The paper first summarizes the influencing factors of the establishment of free trade zone and the mismatch of enterprise investment and financing period, and then defines the mismatch between pilot free trade zone and enterprises, and puts forward the research hypothesis. By analyzing the data of China’s listed companies from 2009 to 2022, the impact of the construction of the free trade zone is studied by the dual difference method, and the robustness is tested by various methods. Then, the mechanism of the construction of the free trade zone affecting the maturity mismatch of enterprise investment and financing was tested, and the heterogeneity was analyzed from different angles, so as to enrich the literature in related fields.

Keywords

Free Trade Zone; Mismatch of Investment and Financing Period; Financing Constraint; Cost

References

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