数字化转型与企业短贷长投:动机分析与机制检验

Digital Transformation and Firm's Asset-Debt Maturity Mismatch:Motivation and Mechanism Analysis

基于“投资—现金流”敏感性分析方法,以2008—2022年沪深A股上市公司为研究对象,实证研究数字化转型对企业短贷长投的影响。研究发现:第一,样本企业存在短贷长投的流动性期限错配异象,并且数字化转型对其具有显著的抑制作用;第二,异质性分析表明,对于非国有、具备高新技术资质、非四大会计师事务所审计、低媒体关注度的企业,数字化转型与短贷长投的负相关性更强;第三,机制分析表明,数字化转型能够改善信息环境质量进而缓解短贷长投。进一步研究发现,数字化转型对于缓解上市公司“存贷双高”亦有显著效果。

This paper uses the“investment-cash flow”sensitivity analysis method,takes the Ashare listed companies in Shanghai and Shenzhen from 2008 to 2022 as the research object,empirically explores the impact of digital transformation on corporate asset-debt maturity mismatch.The findings are as follows:firstly,there is an abnormal phenomenon of asset-debt maturity mismatch in the samples,and digital transformation has a significant inhibitory effect on it;secondly,heterogeneity analysis shows for enterprises that are not state-owned,have the high-tech qualification,are not audited by Big Four accounting firms,and have low media attention,the negative correlation between digital transformation and asset-debt maturity mismatch is stronger;thirdly,the mechanism analysis shows that digital transformation can alleviate asset-debt maturity mismatch by improving the information environment.Further research finds digital transformation also has a significant effect on alleviating the double high in deposit and loan.