地方经济目标管理对企业期限错配的影响：经验证据与政策优化

资产期限与融资期限相匹配是公司金融理论的一个基本原则，即用短期资金为流动资产融资，用长期资金来源支持长期资产。但是，我国实体企业普遍存在着以短期资金支持长期投资期限错配现象。即使近些年我国金融系统持续改进，长期资金可获得性显著改善，期限错配问题并没有从根本上缓解。本项目尝试将企业期限错配问题置于我国地方经济目标管理制度下进行研究，剖析地方经济目标管理是如何导致企业期限错配的，从资产出售和债务重组的侧面研究经济目标管理下企业期限错配给企业带来的不良后果，最后从政绩考核“多目标”制和转变治理方式两个角度，探索如何纠正经济目标管理对企业期限错配的负面影响。本项目为中国经济目标管理及其对企业影响研究提供一个新视角，有助于从制度层面廓清中国企业普遍存在的期限错配现象。

In the corporate finance theory, it is a basic principle to match the maturity of assets and liabilities when a firm is arranging its debt maturity structure. However, a prevalent phenomenon occurs in Chinese firms that they support long-term investment with short-term fund. Even though China's financial system has continued to improve in recent years and the availability of long-term funds has improved significantly, the problem of maturity mismatch has not been fundamentally alleviated. This project attempts to put the problem under the local economic target management system for research，and analyzes how the system stimulates companies to be maturity-mismatched, then discuss the harm caused by maturity mismatch. Finally, from the perspective of multi-target system of political performance evaluation and transformation of governance methods, we explore how to correct the negative impact of economic target management on the maturity mismatch. This project provides a new perspective for the study of the impact of economic target management on micro-enterprises under the background of China's system, and helps to clarify the institutional reason of maturity mismatch in Chinese firms.