数字化转型会加剧企业投融资期限错配吗?

Does Digital Transformation Exacerbate Maturity Mismatches of Corporate Investment and Financing?

数字化转型在赋能企业高质量发展的同时是否会给企业带来新的风险和挑战值得深入探究。本文利用2007—2019年中国A股上市公司数据,实证考察数字化转型对企业投融资期限错配的影响。研究发现,数字化转型显著加剧了企业投融资期限错配程度,即数字化转型助长了企业的“短贷长投”倾向。异质性检验表明,数字化转型对企业投融资期限错配的影响在银行信贷供给意愿更低、企业陷入财务困境的可能性较大时更加明显,而较优的人力资本结构则有助于缓解数字化转型对企业投融资期限错配的影响。经济后果检验表明,数字化转型通过加剧企业投融资期限错配提高了企业经营风险和财务风险。本文有助于全面认识数字化转型的经济后果,为企业加强风险管控和实现高质量发展提供决策参考。

While digital transformation empowers enterprises for high-quality development,whether it brings new risks and challenges to enterprises needs to be explored in depth.This paper empirically examines the impact of digital transformation on the maturity mismatch of corporate investment and financing using Chinese A-share listed companies'data from 2007—2019.The results show that digital transformation significantly exacerbates the maturity mismatch of corporate investment and financing,i.e.,digital transformation contributes to firm'tendency of using short-term loans for long-term investment.Heterogeneity tests show that the impact of digital transformation on maturity mismatch of corporate investment and financing is more pronounced when banks are less willing to provide credit and firms are more likely to be in financial distress.However,a better human capital structure helps to mitigate the impact of digital transformation on the maturity mismatch of corporate investment and financing.Economic consequence analysis finds that digital transformation raises the operational and financial risks of firms by exacerbating the maturity mismatch of their investment and financing.This paper contributes to a comprehensive understanding of the economic consequences of digital transformation and provides insights for enterprises to strengthen their risk management and achieve high-quality development.