数字化转型如何影响企业投融资期限错配问题?——基于资产端和负债端的双重视角  

How does Digital Transformation Affect the Maturity Mismatch of Corporate Investment and Financing?From a Dual Perspective of Asset and Liability

作　　者：申志轩 祝树金[1] 汤超 文茜[3] Shen Zhixuan;Zhu Shujin;Tang Chao;Wen Xi(School of Economics and Trade,Hunan University,Changsha 410079,China;School of Economics,Hunan University of Finance and Economics,Changsha 410205,China;Economics and Management Research Center,Hunan University,Changde 410079,China)

机构地区：[1]湖南大学经济与贸易学院,湖南长沙410079 [2]湖南财政经济学院经济学院,湖南长沙410205 [3]湖南大学经济与管理研究中心,湖南长沙410079

出　　处：《财经研究》2024年第5期139-153,共15页Journal of Finance and Economics

基　　金：国家自然科学基金面上项目(72173040);国家社会科学基金重大项目(22&ZD100);湖南省研究生科研创新项目(CX20220423)。

摘　　要：在维系金融市场稳定、防范金融风险的目标下,数字化变革为化解企业投资和融资期限结构不匹配难题提供了可参考的方法。文章从企业资产端和负债端双重视角,构建了数字化转型影响企业投融资期限错配的理论框架,为缓解实体经济投融资期限错配问题提供了新的证据。研究发现,数字化转型能够显著缓解企业投融资期限错配问题,并且影响效果在重资产行业、偿债压力较大和地区社会信任较差的样本中更明显。在作用机理方面,数字化转型从资产端提高了企业资产利用效率,从负债端加强了企业的长期信贷获取能力。此外,文章还发现数字化在行业间和供应链上均存在显著的溢出效应,这有助于进一步缓解企业、供应商和客户的投融资期限错配问题。经济后果检验表明,数字化转型能够降低当期投融资期限错配导致的破产风险,并且能够缓解投融资期限错配问题所导致的资源配置效率损失,但作用效果逐年下降。文章系统揭示了数字化变革缓解投融资期限错配的影响机制和经济后果,并为更好地推动企业数字化转型以实现企业可持续发展提供了有益参考。Under the goal of maintaining financial market stability and preventing financial risks,digital transformation provides an essential impetus for solving the problem of the maturity mismatch of corporate investment and financing.From a dual perspective of asset and liability,this paper constructs a theoretical framework of the impact of digital transformation on the maturity mismatch of corporate investment and financing,and provides theoretical supplements and empirical evidence to alleviate the maturity mismatch of investment and financing in the real economy.It is found that digital transformation can significantly inhibit the maturity mismatch of corporate investment and financing,and this impact is more obvious in the samples of asset-heavy industries,higher debt-servicing pressure,and poorer regional social trust.The mechanism of this impact is that digital transformation improves corporate asset utilization from the asset side and improves corporate long-term credit accessibility from the liability side.In addition,this paper finds a significant spillover effect of digitalization across industries and supply chains,which helps to further mitigate the maturity mismatch of corporate investment and financing for firms,suppliers,and customers.The economic consequences suggest that digital transformation can reduce the bankruptcy risk caused by the maturity mismatch of investment and financing in the current period and continuously mitigate the loss of resource allocation efficiency caused by the maturity mismatch of investment and financing,but this effect is decreasing year by year.This paper systematically reveals the impact mechanism of digital transformation and the economic consequences in mitigating the maturity mismatch of investment and financing.It provides valuable references on how to better drive digital transformation to achieve the high-quality development of firms.

关 键 词：数字化转型 投融资期限错配 资产利用率 长期融资能力 

分 类 号：F275[经济管理—企业管理]