企业数字化转型与短贷长投

Enterprise Digital Transformation and Short-term Loans Used as Long-term Investment

当前数字化变革日益成为实体企业提高经营决策效率、实现高质量发展的重要推动力。文章利用2007—2020年中国沪深两市A股上市公司数据,研究发现数字化转型显著缓解了企业“短贷长投”的程度,证实了“决策优化假说”。机制检验发现,数字化转型对企业短贷长投的抑制作用主要通过提高资本配置效率、降低经营风险来实现。异质性检验结果表明,当企业自身融资能力较弱、外部融资环境较差、公司治理相对薄弱时,数字化转型对企业短贷长投的影响更为明显。文章丰富和拓展了企业数字化转型影响机制与经济后果的研究框架,为缓解企业投融资期限错配、防范与化解金融风险找到了新的经验证据,对于数字化相关政策的制定与调整也具有一定的参考价值。

At present,enterprise digital transformation has increasingly become an important driving force for real enterprises to improve the efficiency of business decision-making and achieve high-quality development.This paper uses the data of A-share listed companies in China s Shanghai and Shenzhen stock exchanges from 2007 to 2020 and finds that enterprise digital transformation significantly alleviates the degree of“short-term loans used as long-term investment”,confirming the“decision optimization hypothesis”.The mechanism tests find that the inhibitory effect of enterprise digital transformation on short-term loans used as long-term investment is mainly achieved by improving the efficiency of capital allocation and reducing operating risks.The cross-sectional tests show that when the enterprise s financing ability is weak,the external financing environment is poor,and the corporate governance is relatively weak,the impact of enterprise digital transformation on the short-term loans used as long-term investment is more obvious.This paper enriches and expands the research framework of the impact mechanism and economic consequences of enterprise digital transformation,and finds new empirical evidence for alleviating the maturity mismatch of investment and financing and preventing financial risks,and provides implication for the authorities to put forward digital related policies.