随着绿色金融的发展，我国绿色债券市场规模越来越大。本文以2016~2020年中国A股上市公司为研究样本，实证研究企业发行绿色债券对其投融资期限错配的影响。研究结果发现，企业发行绿色债券后，其投融资期限错配程度显著增加，即产生了“短贷长投”现象。异质性检验发现，非国有企业和小规模企业发行绿色债券与其投融资期限错配的关系更显著，且影响远远大于国有企业和大规模企业。对此，政府应注重绿色债券的市场效益，引导绿色债券缓解企业的筹资压力。
With the development of green finance, the scale of China’s green bond market is getting larger and larger. This paper empirically investigates the impact of green bond issuance on the maturity mismatch of investment and financing of enterprises, using Chinese A-share listed companies from 2016 to 2020 as a research sample. The study found that the maturity mismatch of investment and financing increases significantly after the issuance of green bonds, i.e., the phenomenon of “short loan and long investment” is generated. The heterogeneity test reveals that the relationship between green bonds issued by non-state enterprises and small-scale enterprises and their investment and financing maturity mismatch is more significant, and the impact is much greater than that of state-owned enterprises and large-scale enterprises. In this regard, the government should focus on the market efficiency of green bonds and guide green bonds to alleviate the financing pressure on enterprises.