This study examines the impact of quantitative investment on stock price crash risk from the perspective of quantitative mutual funds holdings. The results show that quantitative mutual funds holdings can significantly reduce stock price crash risk, and this effect is more pronounced in subsamples characterized by executives with overseas backgrounds, higher internal governance efficiency, greater analyst attention, and higher profit volatility. Further research finds that quantitative mutual funds holdings can suppress the risk of stock price crash by smoothing the volatility of stock returns and optimizing the valuation of firms. This study sheds light on the effects of quantitative investment on stock price crash risk.

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.