Research Center of the Central China for Economic and Social Development, Nanchang University, Nanchang, 330031, China.
School of Economics and Management, Nanchang University, Nanchang, 330031, China.
Environ Sci Pollut Res Int. 2023 Sep;30(44):99541-99560. doi: 10.1007/s11356-023-29445-1. Epub 2023 Aug 23.
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.
为了促进金融活动在企业发展中的作用的研究，本研究解决了短期债务融资用于长期投资（SDFLI）及其对中国碳密集型企业可持续发展的影响这一关键问题。通过分析 2010 年至 2021 年期间中国 A 股上市碳密集型企业的面板数据，本研究旨在阐明这一现象的意义及其影响。实证结果表明，碳密集型企业的投资和融资之间存在成熟度不匹配的现象，这对企业的全要素生产率（TFP）产生了显著的负面影响，对其可持续发展构成了挑战。此外，基于所有权、行业特征、融资约束和内部控制等因素，不同类型企业的成熟度不匹配的负面影响存在差异。中介效应模型的结果表明，成熟度不匹配通过降低投资效率和增加代理成本，阻碍了碳密集型企业的可持续发展。此外，还检验了创新在碳密集型企业中对成熟度不匹配和可持续发展之间关系的调节作用。本研究为制定促进碳密集型企业可持续发展的政策提供了依据。
