Abstract
In the context of China's heavily polluting enterprises facing a challenge of maturity mismatch due to long payback cycles and environmental risks, this study investigates the potential impact of China's ‘Green Investment Guidelines (Trial)’ released in 2018. The guidelines serve as a policy focal point, aiming to address the challenges posed by long payback cycles and environmental risks in the investment projects of these enterprises. Analyzing data from 2015 to 2021, our findings reveal a negative correlation between the guidelines and the maturity mismatch problem. Long-term investment emerges as a crucial intermediary variable in this relationship. Notably, the inhibitory effect is more pronounced in non-state-owned enterprises, firms with weak governance capabilities, and those with high ownership concentration.
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