Artificial Intelligence Development and the maturity mismatch between investment and financing: evidence from China

Using China’s National New Generation Artificial Intelligence Innovation Development Pilot Zones as a quasi-natural experiment, this study examines the relationship between the AI pilot policy and firms’ investment–financing maturity mismatch. Based on a sample of Chinese A-share listed manufacturing firms from 2009 to 2024, we employ a staggered difference-in-differences approach. The results show that the pilot policy significantly reduces firms’ investment–financing maturity mismatch. Mechanism analysis indicates that information asymmetry and operating volatility play relatively important mediating roles, whereas the indirect effect through short-term debt dependence, although statistically significant, explains only a small proportion of the overall effect and serves mainly as a supplementary transmission channel. The effect is stronger among firms facing more intense product market competition, lower agency costs, and managers with overseas educational experience. This study provides empirical evidence on the relationship between AI development and firms’ financing maturity structure.