优化营商环境对投融资期限错配的影响

he business environment plays a guiding and constraining role in the financial behavior of enterprises, which has important practical value in alleviating the mismatch of investment and financing term. Based on the data of all A-share listed companies from 2011 to 2020, this paper analyzes the impact of optimizing the business environment on the maturity mismatch of investment and financing. The results show that optimizing the business environment can alleviate the mismatch of investment and financing terms. The higher the business environment index, the lower the mismatch of investment and financing terms. According to the mechanism test, the business environment reduces the maturity mismatch of investment and financing by exerting information effect, financing constraint effect, credit resource allocation effect and bank competition effect. Further inspection shows that the governance effect of optimizing the business environment is stronger in small-scale, high-tech enterprises with strong external supervision. Based on this, local governments should continue to optimize the business environment and investment and financing environment for enterprises, facilitate high-quality development of enterprises, and prevent and defuse systemic financial risks.