Limited Partnership Structure and Corporate Maturity Mismatch

This study examines how the limited partnership agreement structure (LP structure) embedded in the actual controller’s ownership chain shapes firms’ investment–financing maturity mismatch (IFMM). Using Chinese A-share listed firms from 2014 to 2023, we construct firm-year measures of LP structure and IFMM and document a robust negative relationship. Mechanism analyses identify financing constraints and managerial myopia as two key channels through which LP structure reduces IFMM. The effect is more evident among firms located in regions with weaker financial development, smaller firms, and firms experiencing industry performance shortfalls. By showing that LP structure operates as a scalable, within-firm discipline device that tightens maturity alignment, we shift the IFMM conversation from “what the external environment imposes” to “what ownership contract design can accomplish from within.”