Is firms’ low-carbon transition conducive to improving maturity mismatch of investment and financing?

Transitioning to a low-carbon economy is an effective approach to tackling the climate crisis, and offers a referable strategy for realizing the coordination of development and security. This study demonstrates a robust negative relationship between firms’ low-carbon transition and investment-financing maturity mismatch. Crucially, this relationship is stronger for non-state-owned and asset heavy firms, and firms located in cities with strict environmental regulation and higher administrative levels. Next, improving asset utilization efficiency, strengthening long-term financing capabilities, and attracting external attention are reasonable channels for mitigating the mismatch. In addition, the low-carbon transition has within-industry and backward supply-chain spillover effects, and can reduce the bankruptcy risk and resource allocation efficiency loss caused by the maturity mismatch. Our findings provide valuable theoretical insights and practical foundations for promoting the low-carbon transition and addressing the risk of maturity mismatch to maintain financial security.