【摘要】 基于2012～2023年国有上市企业数据，根据预算软约束这一国有企业典型特征构建广义双重差分模型，实证检验《关于加强国有企业资产负债约束的指导意见》对国有企业投融资期限错配的影响。研究发现，该文件实施后，预算软约束强的国有企业的投融资期限错配程度得到显著改善，且此过程主要通过加强内源资本积累、减少政策性负担两个作用路径实现。异质性分析表明，这一经济效应主要体现在管理层风险偏好程度高、代理人机会主义强和外部监管程度弱的国有企业。更多还原

【Abstract】 Based on the data of state-owned listed companies from 2012 to 2023, this paper employs a generalized difference-in-differences model according to the typical characteristic of soft budget constraints of state-owned enterprises to test the impact of the Guiding Opinions on Strengthening the Asset Liability Constraints of State-Owned Enterprises on the investment and financing maturity mismatch of state-owned enterprises. The research finds that after the implementation of the Opinion, the investment-financing maturity mismatch of state-owned enterprises with strong budget soft constraints has been significantly reduced, and this process is mainly achieved through two mechanisms: strengthening internal capital accumulation and reducing policy burden. Heterogeneity analyses find that this economic effect is mainly reflected in state-owned enterprises with high managerial risk preferences, strong agent opportunism, and weak external supervision.更多还原