华北理工大学学报（社会科学版）

作为深化供给侧结构性改革的重要抓手，税务系统“放管服”改革通过重构政企、银企关系与市场生态，为重塑企业融资期限结构提供了制度性破题路径。以2007—2023年中国A股上市公司数据为样本，实证研究税务系统“放管服”改革对企业投融资期限错配的影响效应。研究发现：税务系统“放管服”改革显著缓解了企业投融资期限错配问题，且主要通过降低企业制度性交易成本、优化银企关系、促进市场公平竞争发挥作用；改革对非国企、中小规模企业以及东部地区企业的缓解效果更为显著；此外，改革在改善投融资期限错配的同时，也提升了企业投资效率、优化了金融资源配置并降低了违约风险。

As an important grasp of deepening the structural reform of the supply side, the reform of "releasing control clothing" of the tax system provides an institutional path to reshape the financing term structure of enterprises by reconstructing the relationship between government and enterprises, banks and enterprises and market ecology. Taking the data of A-share listed companies in China from 2007-2023 as a sample, this paper empirically demonstrates the impact of the reform of "releasing control clothing" in the tax system on the mismatch of investment and financing maturities of enterprises. The study found that the reform of "releasing control clothing" in the tax system significantly alleviated the mismatch of investment and financing maturities of enterprises, and played a role mainly by reducing the institutional transaction costs of enterprises, optimizing the relationship between banks and enterprises, and promoting fair competition in the market; The easing effect of the reform on non state-owned enterprises, enterprises with less short-term loans, small and medium-sized enterprises and enterprises in the eastern region is more significant; In addition, while improving the mismatch of investment and financing maturities, the reform also improves the investment efficiency of enterprises, optimizes the allocation of financial resources and reduces the risk of default.