Fintech and Corporate Investment and Financing Maturity Mismatch——Based on Accounting Disclosure Quality and Banking Competition Perspectives
Based on the data of A-share listed enterprises in Shanghai and Shenzhen from 2011 to 2021,the fixed effect model and the mediation effect model are applied to investigate the impact of Fintech development on corporate investment and financing maturity mismatch and its role mechanism.The study finds that Fintech development helps mitigate the extent of corporate investment and financing maturity mismatch,and further analysis reveals that the breadth of coverage has a greater effect than the degree of digitization.The analysis of the mechanism of action shows that Fintech development can alleviate corporate investment and financing maturity mismatches by improving the quali-ty of corporate accounting disclosure and competition in the banking sector.Heterogeneity analysis shows that the effect of Fintech development in mitigating the degree of corporate investment and financing maturity mismatch is more signif-icant when firms have effective internal controls and face high financing constraints.The study theoretically enriches the literature on the economic consequences of Fintech and the influencing factors of corporate investment and financing maturity mismatches,and practically provides realistic guidance for strengthening the synergy among the three sectors of government,financial institutions and enterprises in promoting the deepening reform of the financial system and re-alizing the high-quality development of the economy.
fintechterm matchingshort-term debt for long-term useaccounting information disclosure qual-itybanking competition
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