Heterogeneous shareholder participation and corporate maturity mismatch: Evidence from China

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis Pub Date : 2025-04-01 DOI:10.1016/j.irfa.2025.104221

Gaoya Song , Yu Wang

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Abstract

This study investigates the relationship between heterogeneous shareholder participation and corporate maturity mismatch of investment and financing in China from 2009 to 2022. Using a hand-collected database, we find that heterogeneous shareholder participation can reduce corporate maturity mismatch. Mechanism tests show that the participation of non-state-owned shareholders and state-owned shareholders can produce “supervision incentive” and “resource support” effects, respectively. These effects alleviate type I and type II agency costs of state-owned enterprises and increase government subsidies for non-state-owned enterprises, thereby reducing maturity mismatch. Furthermore, the negative relationship between heterogeneous shareholder participation and corporate maturity mismatch is more pronounced among companies in high-tech industries and among firms with higher internal control quality. This paper expands the research in the field of equity structure, constructs a theoretical analysis framework for two-way mixed ownership reform, and provides new ideas and evidence for improving corporate maturity mismatch.

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异质性股东参与与公司期限错配：来自中国的证据

本文研究了2009 - 2022年中国异质性股东参与与企业投融资期限错配的关系。利用一个手工收集的数据库，我们发现异质性股东参与可以减少公司期限错配。机制检验表明，非国有股东和国有股东的参与能够分别产生“监督激励”和“资源支持”效应。这些效应缓解了国有企业的第一类和第二类代理成本，增加了政府对非国有企业的补贴，从而减少了期限错配。此外，异质性股东参与与公司期限错配的负相关关系在高技术产业和内部控制质量较高的公司中更为明显。本文拓展了股权结构领域的研究，构建了双向混合所有制改革的理论分析框架，为改善企业成熟度错配提供了新的思路和证据。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

International Review of Financial Analysis BUSINESS, FINANCE-

CiteScore

10.30

自引率

9.80%

发文量

366

期刊介绍： The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.