{"manuscript_title":"<b>#MATH#</b><b>#MATH#</b><b>Smart</b><b> </b><b>city</b><b> </b><b>pilot</b><b> </b><b>policies</b><b> </b><b>and</b><b> </b><b>enterprise</b><b> </b><b>finance</b><b> </b><b>mismatch</b>","abstract":"The smart city pilot policy (SCPP) is not only an important form of practice for science and technology policies to guide financial innovation, but also an effective measure to enhance enterprises' ability to reduce financial mismatch and optimize financial resource allocation. This study analyzes the impact of SCPP on enterprise financial mismatch (EFM) using difference-in-difference method (DID) with mixed panel data of 246 cities and enterprises in China from 2007 to 2022. It is found that the SCPP significantly reduces EFM in the implemented areas by 0.8% on average. Heterogeneity analysis shows that the policy has a significant policy effect in the eastern region, non-state-owned enterprises and high-tech enterprises, while the policy effect is not significant in the middle and western regions, state-owned enterprises and non-high-tech enterprises. In addition, the SCPP affects EFM by alleviating corporate financing constraints, improving maturity mismatch, and enhancing scientific and technological innovation. The findings provide a scientific basis for optimizing the design and implementation of smart city policies.","keywords":["smart city pilot policy","enterprise finance mismatch","financing constraints","maturity mismatch","technological innovation"]}