【摘要】 文章以2015-2022年我国A股上市公司数据为样本，研究发现，ESG评级差异与企业投融资期限错配程度显著正相关；机制检验发现，ESG评级差异能够缩短企业的债务期限，减少企业的长期贷款，从而加剧企业投融资期限错配程度；异质性分析发现，ESG评级差异对企业投融资期限错配的影响在信息质量较低的企业和媒体关注度较高的企业中更加明显。进一步研究发现，ESG评级差异对于ESG表现不同的企业的投融资期限错配的影响具有异质性，并且ESG评级差异通过加剧企业投融资期限错配程度增加了企业的债务违约风险。更多还原

【Abstract】 Taking the data of China’s A-share listed companies from 2015 to 2022 as samples, the research finds that ESG rating differences are significantly positively correlated with the degree of enterprises’ investment-finacing maturity mismatches. The mechanism test shows that the ESG rating differences can shorten the debt maturity of enterprises and reduce the long-term loans of enterprises, thus aggravating the maturity mismatches between investment and financing of enterprises. Heterogeneity analysis shows that the impact of ESG rating differences on investment-financing maturity mismatches is more obvious in enterprises with lower information quality and enterprises with higher media attention. Further research finds that the impact of ESG rating differences on the investment-financing maturity mismatches of enterprises with different ESG performance is heterogeneous, and ESG rating differences increase the bond default risk of enterprises by aggravating the degree of investment-financing maturity mismatches.更多还原