Does the Digital Transformation Aggravates the Maturity Mismatch of Corporate Investment and Financing?
The systemic financial risks brought about by the wave of enterprise digitization have been favored by scholars.The ar-ticle uses data from 4470 A-share listed companies from 2017 to 2022 to explore the impact of digital transformation on invest-ment and financing term mismatch behavior.The research results indicate that digital transformation significantly exacerbates the mismatch of investment and financing terms in enterprises;Digital transformation exacerbates the mismatch of investment and fi-nancing terms for enterprises by alleviating short-term financing constraints,improving risk bearing levels,and increasing invest-ment in innovative resources;There is no heterogeneity in outcomes between state-owned and non-state-owned enterprises,but enterprises in the eastern region are more likely to exacerbate mismatched investment and financing terms during digital transfor-mation compared to those in non eastern regions.
Digital transformationInvestment with short-term financingFinancing constraintsRisk-taking
NETL
NSTL
万方数据
