Can Bank Digital Transformation Protect Against Hidden Corporate Debt Risks?——Evidence Based on Credit Matching Between Banks and Enterprises
Bank digital transformation is an important practice in the development of digital finance and a key link in the current prevention and resolution of systemic financial risks.This paper aggregates corporate leverage manipula-tion behavior through bank-enterprise credit matching data to examine the impact of bank digital transformation on cor-porate hidden debt risk.The empirical test finds that banks'digital transformation can significantly curb corporate lever-age manipulation and prevent corporate implicit debt risk.Mechanisms analysis shows that the digital transformation of banks exerts resource effects,supervisory effects and governance effects,thus preventing implicit corporate debt risk.Among the different leverage manipulation instruments,the digital transformation of banks mainly reduces leverage manipulation by firms using off-balance sheet liabilities and accounting instruments.The role of business digital trans-formation is most pronounced across different bank digital transformation types.The role of bank digital transformation is stronger in environments with stronger financial regulation.The economic consequence test finds that the digital trans-formation of banks can further reduce the operational risk and default risk due to corporate leverage manipulation.The study expands the risk prevention effect of digital finance and provides useful insights to help the real economy develop in a safe and high-quality manner.
bank digital transformationhidden debtleverage manipulationfinancing constraintssuperviso-ry governance
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万方数据
