Heterogeneous shareholder participation and corporate maturity mismatch: Evidence from China

Gaoya Song and Yu Wang

International Review of Financial Analysis, 2025, vol. 103, issue C

Abstract: This study investigates the relationship between heterogeneous shareholder participation and corporate maturity mismatch of investment and financing in China from 2009 to 2022. Using a hand-collected database, we find that heterogeneous shareholder participation can reduce corporate maturity mismatch. Mechanism tests show that the participation of non-state-owned shareholders and state-owned shareholders can produce “supervision incentive” and “resource support” effects, respectively. These effects alleviate type I and type II agency costs of state-owned enterprises and increase government subsidies for non-state-owned enterprises, thereby reducing maturity mismatch. Furthermore, the negative relationship between heterogeneous shareholder participation and corporate maturity mismatch is more pronounced among companies in high-tech industries and among firms with higher internal control quality. This paper expands the research in the field of equity structure, constructs a theoretical analysis framework for two-way mixed ownership reform, and provides new ideas and evidence for improving corporate maturity mismatch.

Keywords: Heterogeneous shareholder participation; Supervision incentive; Resource support; Maturity mismatch (search for similar items in EconPapers)
JEL-codes: D23 G32 G34 (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finana:v:103:y:2025:i:c:s1057521925003084

DOI: 10.1016/j.irfa.2025.104221

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