How to Alleviate the Maturity Mismatch of Enterprise Investment and Financing?The Perspective of Digital Transformation
The maturity mismatch of investment and financing increases the returns of enterprises and magnifies financial risks.How to constrain and alleviate the maturity mismatch of corporate investment and financing is related to China's financial stability and the high-quality and sustainable development of the real economy.Previous studies have demonstrated that digital transformation has a significant impact on the investment and financing environment and behavior of enterprises.This study analyzes the digital transformation of the role of enterprise investment and financing period mismatch and uses empirical data of A-share listed companies in China to verify digital transformation to alleviate enterprise investment and financing period mismatch effects and mechanism of action.The study finds that,first,in the overall effect,digital transformation has a significant mitigating effect on the maturity mismatch of enterprises'investment and financing.The digital transformation of enterprises is of great practical significance to the policy deployment of resolutely guarding the bottom line of systemic financial risks.Second,improving the availability of long-term credit and increasing the shareholding of long-term institutional investors are important channels to produce the above effects.From the perspective of long-term credit availability of enterprises,digital transformation mainly helps banks to rationally arrange loan maturity structure and increase long-term funds of enterprises by alleviating the problem of bank-enterprise information asymmetry and improving banks'cash flow expectations for enterprises.From the perspective of long-term institutional investors'shareholding,digital transformation mainly attracts long-term institutional investors'shareholding,improves the internal governance of enterprises,and helps enterprises to rationally arrange the term structure of investment and financing by releasing the signal of their active investment in digital construction.Third,from the perspective of structural effect,the digital achievements at the practical application level have the strongest inhibitory effect on the investment and financing term mismatch of enterprises,while the digital transformation at the underlying technology level has no obvious effect on the investment and financing term mismatch of enterprises.In addition,digital transformation can make long-term funds flow more to private enterprises and enterprises with high internal control costs and low operational efficiency,thus helping enterprises to alleviate the maturity mismatch of investment and financing.The research conclusions have important policy implications for the government to introduce policies related to the digital economy and for enterprises to achieve high-quality development.First,the comprehensive development and application of digital technologies such as artificial intelligence and big data is an important means to solve the problem of maturity mismatch of investment and financing of enterprises.Second,the government should actively promote supply-side structural reform of the financial sector and guide the healthy and orderly development of institutional investors.On the one hand,we should improve the ability of financial full-cycle services for enterprises,constantly optimize the bank credit market environment,encourage banks to promote digital transformation,realize the effective docking between banks and the digital departments of enterprises,alleviate the phenomenon of bank-enterprise information asymmetry,and enhance the motivation of banks to allocate long-term credit.On the other hand,we should actively guide long-term institutional investors to hold shares in enterprises,effectively play their corporate governance supervision function,regulate the speculative behavior of short-term institutional investors,and prevent the risk of maturity mismatch caused by their"short-termism."Third,enterprises should not only be encouraged to establish a long-term mechanism for the cultivation of digital scenes but also increase research and development investment in artificial intelligence,blockchain,cloud computing,big data,and other underlying technologies to shape a digital technology system and management mechanism in line with their own characteristics.The government should also follow the principle of"differentiation,"give more policy attention and support to enterprises with high internal control cost and low operation efficiency as well as private enterprises,provide supporting infrastructure for the challenges of investment and financing term mismatch,and attach importance to the positive effect of enterprise digital transformation in alleviating the investment and financing term mismatch.
Digital TransformationMaturity Mismatch of Investment and FinancingAvailability of Long-term CreditShareholding of Long-term Institutional Investors
NETL
NSTL
万方数据
