A Study on the Impact of Green Finance on the Maturity Mismatch of Investment and Financing
DOI: https://doi.org/10.62517/jse.202611108
Author(s)
Wu Zeyi*, Liu Xin
Affiliation(s)
School of Management, Liaoning Normal University, Liaoning, China
*Corresponding Author
Abstract
Driven by both the "dual carbon" goals and the transformation towards high-quality economic development, green finance has become a core policy tool for regulating corporate investment and financing behavior. However, the mismatch between investment and financing maturities has long constrained sustainable corporate development and the stability of the financial system. This paper systematically reviews the research background of green finance and investment and financing maturity mismatch, analyzes the intrinsic mechanism by which green finance affects maturity mismatch, identifies prominent problems in current practice, and proposes targeted solutions. Research shows that green finance alleviates maturity mismatch through three main paths: optimizing debt structure, easing financing constraints, and guiding long-term investment. However, its effectiveness is still hampered by various factors, including policy, market, and corporate factors. Measures such as improving the policy system, strengthening market development, and enhancing corporate capabilities are needed to fully unleash the regulatory role of green finance in addressing maturity mismatch.
Keywords
Green Finance; Investment and Financing Maturity Mismatch; Mechanism of Action; Problems and Countermeasures
References
[1] Cao, Y., Zhang, Y., Yang, L., Li, R. Y. M., & Crabbe, M. J. C. (2021). Green Credit Policy and Maturity Mismatch Risk in Polluting and Non-Polluting Companies. Sustainability, 13(7), 3615.
[2] Liu, H., Wang, Y., & Cao, J. (2024). Green credit policy and investment-financing maturity mismatch: evidence from China's green companies. Environment, Development and Sustainability. Advance online publication. https://doi.org/10.1007/s10668-024-05200-1
[3] Liu, Y., Pham, H., & Mai, Y. (2024). Green investment policy and maturity mismatch of investment and financing in China's heavily pollution enterprises. International Review of Economics & Finance, 93, 1145–1158.
[4] Shu, H., Qi, W., & Zhou, T. (2025). Is firms' low-carbon transition conducive to improving maturity mismatch of investment and financing? Borsa Istanbul Review. Advance online publication. https://doi.org/10.1016/j.bir.2025.01.001
[5] Huang, M., Wang, X., Wang, X., & Zhang, Q. (2024). Carbon risk and corporate maturity mismatch. Journal of International Money and Finance, 149, 103213.
[6] Tan, C., Liu, J., Ma, J., Liu, B., & Ren, B. (2025). When climate policies waver: Firms, debt, and the investment-financing maturity mismatch. Finance Research Letters, 85, 108026.
[7] Yu, W. (2024). Green Bond Issuance and Corporate Investment and Financing Level: Evidence from Chinese Listed Companies. Highlights in Business, Economics and Management, 32, 122–143.
[8] Wang, Z., Bian, B., Zhu, C., Lu, Y., & Wang, J. (2025). Green credit policy's impact on polluting firms' market performance: the role of financing constraints. Frontiers in Environmental Economics, 4, 1611379.
[9] Harrison, M., & Shabani, M. (2024). Green financing and the relationship between banks and non-financial corporations through the lens of balance-sheet interaction. IFC Bulletin, 65, 1–20.
[10] Cao, Y., Han, Z., & Li, S. (2024). Value Driven or Values Driven: ESG Performance and Maturity Mismatch. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.4828193