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Market liquidity, credit maturity structure and asset mismatch in manufacturing firms

Author

Listed:
  • Yao, Lianjun
  • Qiu, Yuting

Abstract

Based on the period from 2011 to 2021 and considering macroeconomic data, this paper analyzes the relationship between market liquidity and asset mismatch in manufacturing firms. Specifically, this paper reveals that market liquidity can mitigate manufacturing firms` asset mismatch by optimizing credit maturity structure. Further, heterogeneous effects exist in the impact of the policy above, both at a regional and individual level. Market liquidity is crucial in mitigating asset mismatch for companies operating in locations with intense competition among banks and high leverage levels. However, its impact has been minimal in companies with limited bank rivalry and modest borrowing levels.

Suggested Citation

  • Yao, Lianjun & Qiu, Yuting, 2024. "Market liquidity, credit maturity structure and asset mismatch in manufacturing firms," Finance Research Letters, Elsevier, vol. 63(C).
    • Handle: RePEc:eee:finlet:v:63:y:2024:i:c:s1544612324004306
    DOI: 10.1016/j.frl.2024.105400
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