关键词: 43号文, 地方融资平台, 期限错配, 企业绩效

Abstract: Based on the panel data of 2193 local financing platforms in China from 2009 to 2018, this paper analyzes the governance effect of “No. 43” document on maturity mismatch of local financing platforms and its impact on corporate performance by using benchmark regression model and intermediary effect model, and further analyzes the mechanism of increasing the performance of local financing platforms in the process of debt governance. The results show that: (1)No.43 document improves the term mismatch problem of local financing platforms and increases the performance of enterprises, which is also verified in the robustness test; (2)No.43 document improves the term mismatch problem of provincial and provincial capital (separate listed city) local financing platforms, and correspondingly improves the performance of enterprises;(3)No.43 document improves the maturity mismatch of civil engineering and real estate local financing platforms, and correspondingly improves the performance of enterprises.

Key words: document No. 43, local financing platform, enterprise performance