This study, using non-financial companies holding equity in non-listed financial institutions frorthe Shanghai and Shenzhen stock exchanges as samples , finds that financial equity connection has a significantpositive overall impact on corporate liquidity mismatch. This effect is the result of the coordination between direct and indirect relationships. 'T'he direct relationship reveals a significant positive effect of financial equity conneetion on corporate liquidity mismatch. In the indirect relationship with financing constraint as a channel, thalleviation of financing constraint caused by financial equity connection significantly positively impacts corporatliquidity mismatch. In the indirect relationship with internal control as a channel, the optimization of internacontrol caused by financial equity connection significantly negatively impacts corporate liquidity mismatch. Thindirect relationship through the chain relationship between corporate financing constraint and internal control also helps reduce corporate liquidity mismatch. Additionally, the conclusions regarding the impact of equity participation-type financial equity connection on corporate liquidity mismatch are similar to those when financial equity connection intensity is not differentiated. However, in the case of holding-type financial equity connectionthe indirect relationships through financing constraints and internal control do not hold. The findings provide insights for systematically addressing the issue of corporate liquidity mismatch.