商业银行数字化能否改善企业投融资期限错配?

Can Digitalization of Commercial Banks Improve the Investment-financing Maturity Mismatch of Enterprises?

本文基于中国246家商业银行及A股上市公司2013—2022年数据,探究了商业银行数字化能否改善贷款企业投融资期限错配。研究发现,商业银行数字化通过调节错配企业短期贷款金额、提高公司治理水平,进而缓解企业投融资期限错配。该效应在资本市场融资能力较强企业、高融资约束企业、中小规模企业及制造业企业中更为明显。文章结论在经过内生性处理和稳健性检验后依旧成立。进一步分析表明,商业银行战略、管理及业务的数字化均可对企业投融资期限错配产生影响,但前两个维度的影响更为明显。探究商业银行数字化的微观错配纠偏功能,不仅有利于降低企业层面投融资期限错配引发的风险,也为进一步优化银企互动和挖掘商业银行数字化意义提供了新的证据。

Based on data from 246 commercial banks and A-share listed companies in China from 2013 to 2022,this article explores whether the digitalization of commercial banks can reduce the investment-financing maturity mismatch(IFMM)for enterprises.Research has found that the digitalization of commercial banks alleviates the IFMM by adjusting the short-term loan amount of mismatched enterprises and improving corporate governance.This effect is more pronounced in enterprises with strong financing capabilities in the capital market,enterprises whit high financing constraints,small and medium-sized enterprises,and manufacturing enterprises.The conclusion of the article still holds true after endogeneity treatment and robustness testing.Further analysis shows that commercial bank digitalization of strategy,management,and business can all have an impact on the IFMM of enterprises,but the effect of the first two dimensions is more significant.Exploring the micro mismatch correction function of digitalization of commercial banks not only helps to reduce the risks caused by fund mismatch at the enterprise level,but also provides new evidence for further optimizing the interaction between banks and enterprises and exploring the significance of digitalization of commercial banks.