数字化转型如何影响企业短债长用——基于投融资双重路径的检验

How Digital Transformation Affects the Use of Short-Term Business Debt for Long-Term Purposes:An Examination Based on Dual Investment and Financing Pathways

以沪深A股上市公司2007—2020年的数据为样本,实证检验数字化转型对企业短债长用的影响及其作用机制。研究发现,数字化转型显著降低了企业的短债长用水平,经过一系列稳健性测试后,这一结论依然成立。机制分析发现,数字化转型通过提升企业的长期融资能力和降低企业的过度投资水平缓解短债长用。异质性分析结果表明,上述影响在信息环境较差的企业中表现得更加明显。经济后果检验显示,数字化转型能够显著降低企业的债务违约风险和提高企业未来的增长能力,短债长用起中介作用。基于此,企业需要加快数字化转型的步伐,监管机构则需要为企业数字化转型提供良好的实施环境。

Utilizing data from Shanghai and Shenzhen A-share listed companies from 2007 to 2020,this study empirically tests the impact of digital transformation on the use of short-term business debt for long-term purposes and its underlying mechanisms.The findings reveal that digital transformation significantly reduces the level of short-term business debt being used for long-term purposes,and this conclusion holds even after a series of robustness tests.Mechanism analysis indicates that digital transformation alleviates this financial practice of using short-term business debt for long-term purposes by enhancing the long-term financing capabilities of enterprises and reducing their levels of overinvestment.Heterogeneity analysis shows that these effects are more pronounced in enterprises operating in environments with poor information quality.Economic consequence tests demonstrate that digital transformation significantly reduces the risk of debt default and enhances the future growth potential of enterprises,with the use of short-term debt for long-term purposes playing a mediating role.Therefore,enterprises should accelerate their pace of digital transformation.For regulatory bodies,it is crucial to provide a conducive environment for implementing digital transformation.