How Digital Transformation Affects the Use of Short-Term Business Debt for Long-Term Purposes:An Examination Based on Dual Investment and Financing Pathways
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 enter-prises and reducing their levels of overinvestment.Heterogeneity analysis shows that these effects are more pronounced in enterprises operating in environments with poor information quality.Eco-nomic 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 en-vironment for implementing digital transformation.
digital transformationuse of short-term debt for long-term purposeslong-term financing capabilityoverinvestment
NETL
NSTL
万方数据
