Using　a　sample　of　private　enterprises　listed　on　China＇s　A-shares　from　2003　to　2021,　we　find　that,　identity　issues　increase　the　degree　of　short-term　debt　for　long-term　investments.　Furthermore,　mechanism　tests　indicate　that　identity　issues　aggravate　the　short-term　debt　for　long-term　investment　by　exacerbating　information　asymmetry,　increasing　operational　risk　and　financing　cost.　We　also　reveal　that　the　influence　of　identity　issues　weakens　with　high　corporate　analyst　attention　and　strong　board　of　directors＇　independence.　The　study　contributes　to　the　literature　by　examining　the　impacts　of　private　enterprises＇　identity　issues　on　financial　decision-making　from　the　evidence　from　China.