如何缓解企业投融资期限错配?基于数字化转型视角  

How to Alleviate the Maturity Mismatch of Enterprise Investment and Financing?The Perspective of Digital Transformation

作　　者：何青 琚望静 庄朋涛 HE Qing;JU Wangjing;ZHUANG Pengtao(School of Finance,Nankai University)

机构地区：[1]南开大学金融学院

出　　处：《数量经济技术经济研究》2024年第5期113-133,共21页Journal of Quantitative & Technological Economics

基　　金：国家自然科学基金面上项目(71772091)的资助。

摘　　要：如何约束和缓解企业投融资期限错配,关乎中国金融稳定和实体经济高质量可持续发展。本文借助中国A股上市公司数据实证检验了数字化转型对缓解企业投融资期限错配的作用效果与作用机制。研究发现:数字化转型显著缓解了企业投融资期限错配,有助于防范化解系统性金融风险,但不同类型的数字化对企业投融资期限错配的缓解作用有显著差异,实践应用层面的数字化成果抑制投融资期限错配的效应最强烈,底层技术层面的数字化转型效应并不明显。数字化转型之所以能有效缓解企业投融资期限错配,一是在信贷结构方面,数字化转型能够提高企业长期信贷可得性,缓解企业长期融资约束;二是机构投资者类型方面,数字化转型能够增进长期机构投资者持股,有效发挥其治理效应,促使企业合理安排投融资期限结构。此外,数字化转型还可以引导长期资金更多流向民营企业、内部管控成本高以及运营效率低的企业,从而助力企业缓解投融资期限错配。本文拓宽了缓解企业投融资期限错配的思路,对于化解企业财务风险、守住不发生系统性金融风险底线以及实现经济高质量发展具有重要启示。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 struct

关 键 词：数字化转型 投融资期限错配 长期信贷可得性 长期机构投资者持股 

分 类 号：F832.4[经济管理—金融学]