Keywords
combination of industry and finance, financing constraints, maturity mismatch
Abstract
Taking the 2010-2018 Shanghai-Shenzhen A-share non-financial listed company as the research sample,constructs the investment-cash flow sensitivity model and its expansion model,and analyzes the impact mechanism of the industry-integration and mitigation financing constraints based on the maturity mismatch perspective. The study finds that:the combination of industry and finance achieves the effect of alleviating the financing constraints of listed companies by suppressing the maturity of maturity,and the combination of high production and financing has a more significant effect on the suppression of financing mismatches in the suppression of maturity;the production and integration of non-state-owned enterprises and small and medium-sized enterprises The combination of mitigating financing constraints is more significant,and the mitigation of such financing constraints is more pronounced in financially underdeveloped regions.This paper provides a new perspective for the integration of industry and finance to mitigate the impact of financing constraints
DOI
10.16315/j.stm.2020.01.010
Recommended Citation
LIANG, Jing-xi and LIU, Shuang
(2020)
"Industry and finance combination and corporate financing constraints,"
Journal of Science and Technology Management: Vol. 22:
Iss.
1, Article 10.
DOI: 10.16315/j.stm.2020.01.010
Available at:
https://jstm.researchcommons.org/journal/vol22/iss1/10
