Efficient enterprise development plays a crucial role in the achievement of economic efficiency, which is reflected in the improvement of total factor productivity (TFP). This study examines the effect of corporate maturity mismatch on TFP and explores whether financialisation influences this relationship. This study uses data from Chinese A-share listed non-financial enterprises from 2007 to 2019. We find that maturity mismatch negatively impacts TFP through performance inhibition, agency costs, and capital allocation efficiency reduction. Additionally, we find that financialisation positively moderates the negative effect of corporate maturity mismatch on TFP, and the effect is more pronounced when a firm has higher risk-bearing capacity and greater governance efficiency. We use two-stage least squares to demonstrate the robustness of our results.