数字金融能缓解企业投融资期限错配吗  

Does Digital Finance Alleviate the Mismatch of Investment and Financing Period

作　　者：李佳[1] 段舒榕 吴耸杰 LI Jia;DUAN Shurong;WU Songjie(School of Economics,Shandong Normal University,Jinan 250358,China)

机构地区：[1]山东师范大学经济学院,山东济南250358

出　　处：《财经论丛》2022年第11期61-70,共10页Collected Essays on Finance and Economics

基　　金：山东省社会科学规划基金项目(19CDNJ22)。

摘　　要：将数字金融与企业投融资期限错配纳入统一分析框架,实证检验数字金融对企业投融资期限错配的影响,研究发现:数字金融的发展能够有效抑制企业“短贷长投”行为,并且该效应主要通过企业融资约束的缓解与信息披露质量的提升而实现;数字金融对企业投融资期限错配的有益影响在制造业、中西部地区、金融发展程度高、成长性高与治理水平低等样本中更为显著;数字金融对企业投融资期限错配的抑制作用能够有效提升企业投资效率与降低企业违约风险。本文研究结论对于挖掘数字金融经济潜能与推动企业资源合理配置具有一定的参考价值。This paper uses Chinese A-share listed companies from 2011 to 2020 as the sample to explore the impact of Digital Finance on the investment and financing term mismatch of Enterprises.The conclusion is that Digital Finance effectively alleviates the investment and financing term mismatch of enterprises,the improvement of the information disclosure quality and the alleviating of Financing Constraints are the mechanisms of Digital Finance to alleviate the mismatch of investment and financing terms of Enterprises.The mitigation effect of Digital Finance on Enterprise investment and financing term mismatch is more obvious in small and medium-sized Enterprises,manufacturing industry,central and western regions,samples with high financial development,high growth and low corporate governance level.Further analysis reveals that Digital Finance can alleviate the adverse impact of Enterprise investment and financing term mismatch on Enterprise investment efficiency,Financial Resource mismatch and default risk.The research conclusions of this paper have certain reference value for tapping the Economic Potential of Digital Finance and promoting the rational allocation of Enterprise Resources.

关 键 词：数字金融 企业 期限错配 

分 类 号：F832[经济管理—金融学]