Due to the confusion of capital and assets, the limitation of traditional financial indicators leads to the serious distortion of financial risk and capital efficiency information, which hinders the development of real economy. Using the data of Ashare listed companies from 2008 to 2023, this paper explores the relationship between the miscalculation of financial indicators such as leverage and return rate and the mismatching of investment and financing term of enterprises. It is found that both leverage miscalculation and yield miscalculation exacerbate the maturity mismatch of investment and financing, and this impact is more obvious in highgrowth enterprises, loose monetary policy and high economic policy uncertainty. According to the mechanism analysis, the miscalculation of financial indicators will lead to the intensification of information asymmetry between banks and enterprises, which are manifested as the increase of credit cost and credit rationing, and then lead to the mismatching of investment and financing terms. Further inspection shows that the mismatching of investment and financing term caused by miscalculation of financial indicators will increase the probability of debt default, and promoting banking competition will help alleviate the mismatching of investment and financing term caused by miscalculation of financial indicators.