Patient capital and corporate investment-financing maturity mismatch: evidence from China

This study examines the impact of patient capital on corporate investment-financing maturity mismatch in China. Patient capital significantly mitigates mismatch by curbing excessive debt and inefficient investment. Several robustness tests, including an instrumental-variable approach, support this finding. The mitigating effect is stronger for firms with lower information transparency, weaker external monitoring, and lower regional financial development. The findings provide new insights into how to cultivate patient capital and mitigate mismatch risks.