Abstract: Maturity mismatch between investment and financing among private enterprises is a common fact in China, which may be caused by the liquidity stratification in the banking system. Based on the data of interbank certificates of deposit issued by small and medium-sized banks and private enterprises listed on the National Equities Exchange and Quotations in China, this study empirically analyzes the impact of bank liquidity stratification on the maturity mismatch between private enterprises’ investment and financing. Empirical results show that liquidity stratification of the banking system intensifies the investment-financing maturity mismatch of private enterprises. An increase in the number of branches of small and medium-sized banks serves as an important moderating factor, which can weaken the positive effect of the liquidity stratification on private enterprises’ maturity mismatch between investment and financing. From the perspective of mechanism, liquidity stratification has reduced the long-term credit and the proportion of long-term debt of private enterprises, which compels them to engage in rolling short-term loans for investments and exacerbate the maturity mismatch between investment and financing. Heterogeneity analysis shows that the effect of liquidity stratification on maturity mismatch is greater and more significant in enterprises with higher growth opportunities and lower debt. Therefore, it is necessary to facilitate the liquidity transmission mechanism within the banking system and maintain sufficient liquidity in small and medium-sized banks. These measures can provide a favorable financial environment for alleviating the private enterprises’ maturity mismatch between investment and financing, thereby supporting the development and growth of the private economy in China.

Key words: liquidity stratification, maturity mismatch, investment and financing, interbank business