短贷长投与企业数字化转型

Long-term Investment with Short-term Financing and Enterprise Digital Transformation

以短贷长投为重要特征的企业投融资期限错配行为在中国企业中普遍存在,对企业升级转型产生了重大影响。以2007—2020年中国上市企业为研究样本,探讨短贷长投对企业数字化转型的影响、作用机制和治理模式。结果显示:短贷长投会显著抑制企业的数字化转型。特别地,随着属性结构特征变化,短贷长投的影响展现出明显的异质性特征,对于非国有企业、制造业企业以及成长期、成熟期企业有着较强不利影响。机制研究发现,短贷长投会恶化企业财务状况、扭曲投融资行为,显著冲击企业数字化转型。进一步研究发现,有效的金融监管是降低短贷长投负向冲击的重要保障,能够最大限度地为企业数字化转型提供支持。因此,应继续深化金融供给侧结构性改革,拓宽企业融资渠道,借助数字技术、人工智能工具加强金融监管,改善企业投融资行为,推动企业数字化转型。

The mismatch of investment and financing terms of enterprises with short-term loans and long-term investment as an important feature is common in Chinese enterprises.This paper takes the listed companies as the research carrier to empirically test the impact,mechanism and governance model of“short-term loans and long-term investment—enterprise digital transformation”.Through benchmark regression and a series of robustness tests,it is found that short loan and long investment will significantly inhibit the digital transformation of enterprises.In particular,with the change of attribute structure characteristics,there is obvious heterogeneity in the impact between short-term and long-term investment,which has a strong adverse impact on non-state-owned enterprises,manufacturing enterprises,and enterprises in the growth and mature stages.Mechanism research has found that short-term loans and long-term investment will worsen the financial situation of enterprises and distort investment and financing behaviors,which will significantly impact the digital transformation of enterprises.Further research found that effective financial supervision is an important guarantee for reducing the negative impact of short-term lending and long-term investment,and can provide maximum support for digital transformation.The research in this paper helps to explain the reasons why the innovation and transformation of China s real economy has become more difficult,and the impact of financial regulation on improving the investment and financing behavior of enterprises,and provides a preliminary idea of governance for driving the digital transformation of Chinese enterprises.