企业数字化转型加剧了投融资期限错配行为吗?
Does the Digital Transformation Aggravates the Maturity Mismatch of Corporate Investment and Financing?
徐玉发 1王耀庆 2宋光辉 2许林3
作者信息
- 1. 广州城市理工学院经济学院
- 2. 华南理工大学工商管理学院
- 3. 华南理工大学经济与金融学院
- 折叠
摘要
企业数字化转型浪潮背景下所带来的系统性金融风险受到学术界与企业界的青睐.文章利用我国A股4470家上市公司2017-2022年的面板数据,探索企业数字化转型对投融资期限错配行为的影响.研究结果表明:数字化转型显著加剧了企业投融资期限错配行为;进一步分析发现,企业数字化转型通过缓解短期融资约束、提升风险承担水平和加大创新资源投入进而加剧企业投融资期限错配行为;异质性分析显示,国有和非国有企业不存在结果异质性,但东部地区相比非东部地区企业在数字化转型时更易加剧投融资期限错配行为.
Abstract
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.
关键词
数字化转型/短贷长投/融资约束/风险承担Key words
Digital transformation/Investment with short-term financing/Financing constraints/Risk-taking引用本文复制引用
出版年
2024
NETL
NSTL
万方数据