绿色化转型如何破解企业投融资期限错配？

——基于内部效率与声誉的双重视角

蔡立新，张泽君

（首都经济贸易大学 会计学院，北京 100070）

摘要：在防范金融风险、维系金融市场稳定的目标下，绿色化转型为破解企业投资和融资期限结构不匹配难题提供了可行的策略和途径。基于2015—2024年沪深A股上市公司数据，考察了企业绿色化转型对投融资期限错配的抑制效应。研究发现，企业绿色化转型可以缓解企业投融资期限错配问题。机制检验结果表明，绿色化转型不仅通过提高企业内部效率，实现降本增效，还通过提升企业声誉水平，改善信息不对称和过度投资情况，进而提高企业长期贷款的可得性。异质性分析结果表明，绿色化转型的治理效应在大型企业、非国有企业以及重污染企业中更明显。交互效应分析结果分析表明，供应链风险与投资效率均能影响绿色化转型对投融资期限错配的抑制效应，从理论上排除了投资收缩的替代性解释。研究结论系统揭示了绿色化转型缓解投融资期限错配的作用机制和经济后果，为企业加强风险管控和实现高质量发展提供参考。

关键词：绿色化转型；投融资期限错配；全要素生产率；企业声誉；高质量发展

作者简介：蔡立新，首都经济贸易大学会计学院教授；张泽君，首都经济贸易大学会计学院硕士研究生，通信作者。

引用格式：蔡立新,张泽君.绿色化转型如何破解企业投融资期限错配?——基于内部效率与声誉的双重视角[J].首都经济贸易大学学报,2026,28(3):131-144.

How Green Transformation Mitigates Enterprise Investment-Financing Maturity Mismatch? Examining the Internal Efficiency and Reputation

CAI Lixin, ZHANG Zejun

（Capital University of Economics and Business, Beijing 100070）

Abstract: Currently, listed companies in China widely rely on short-term debt financing to support long-term asset investments. This persistent “short-term borrowing for long-term investment” maturity mismatch has become a potential trigger for corporate liquidity crises and macroeconomic instability. Uncovering the formation mechanisms and mitigation pathways of corporate investment-financing maturity mismatch holds significant practical implications for maintaining economic stability and achieving high-quality development.

Grounded in the resource-based view and signaling theory, this study utilizes a comprehensive panel dataset of Chinese A-share listed companies from 2015 to 2024 to empirically investigate the mitigating effect of corporate green transformation on the investment-financing maturity mismatch, as well as its underlying mechanisms. The empirical results demonstrate that corporate green transformation significantly alleviates the investment-financing maturity mismatch. This core finding remains robust after a series of endogeneity and robustness checks.

Mechanism analyses reveal that green transformation exerts its governance effect primarily through a dual-perspective framework. First, through an “internal efficiency” enhancement mechanism, green transformation significantly improves total factor productivity (TFP). This facilitates cost reduction and efficiency gains, thereby optimizing the internal capital structure and reducing reliance on short-term debt. Second, through a “corporate reputation” signaling mechanism, green transformation improves external media evaluation and overall corporate reputation. This effectively mitigates information asymmetry between banks and enterprises, thereby increasing the accessibility and availability of long-term credit.

Furthermore, interactive effect tests indicate that an increase in supply chain risks weakens the mitigating effect of green transformation on maturity mismatch. Heterogeneity analyses further illustrate that the governance dividends derived from green transformation are asymmetric; the mitigating effects are more pronounced in large-scale enterprises, non-state-owned enterprises, and heavily polluting enterprises, which face different market and regulatory constraints.

This study makes several theoretical and practical contributions. First, it expands literature on the economic consequences of green transformation by confirming its “structural dividend” in optimizing debt maturity, thereby shifting the focus from purely environmental performance to critical financial risk governance. Second, by identifying the dual pathways of TFP and reputation, it uncovers the specific transmission channels from green strategies to financial stability. Practically, the conclusions provide valuable decision-making references for regulatory authorities to refine differentiated green finance policies based on firm heterogeneities, and for enterprise managers to strategically leverage green transformation to optimize debt maturity structures and achieve resilient development.

Keywords: green transformation; investment-financing maturity mismatch; TFP; corporate reputation; high-quality development

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