Dose Financial Mismatch Increase Corporate Debt Default Risk?——Empirical Evidence Based on Chinese A-Share Listed Companies
Financial mismatch seriously reduces the ability of financial services to serve the real economy and restricts the high-quality development of the economy.However,there is no clear evidence whether it promotes the debt default risk of corporates.Based on the micro data of Chinese A-share listed companies from 2008 to 2022,this paper systematically explores the impact and mechanism of financial mismatch on the debt default risk of corporates by measuring the level of financial mismatch burden for corporates,and then explores the moderating effect of digital transformation.The results showed that the financial mismatch significantly increase the level of debt default risk for corporates,and this effect is mainly realized by changing the debt style,reducing the efficiency level,and promoting the financial asset allocation behavior of corporates.Further research found that the effect of financial mismatch is more prominent among corporates with high growth characteristics or in areas of poor economic development.In addition,the digital transformation of corporates can effectively weaken the effect of financial mismatch on the debt default risk,and this effect has a long-term dynamic feature.In view of this,it is necessary to continuously deepen the market-oriented reform of the financial system and promote the digital transformation of corporates to improve the financial accessibility and allocation efficiency,thereby effectively reducing the debt default risk of corporates.
万方数据
