| The corporate Investment-financing maturity mismatch is a problem faced by many enterprises in China,which is very financing causing the breakage of enterprise capital chain and adversely affecting the stability of the financial market.In recent years,artificial intelligence,big data,cloud computing,blockchain and other digital technologies are booming,and are constantly changing the global economic landscape and the way of competition.The 20 th Party Congress report pointed out that "we should give full play to our advantages in information technology and focus deeply on ’digitalization’".In the context of the fourth industrial revolution,digital transformation has become a necessary path for enterprise development and change in this era,and data and digital technology have gradually become an important part of the core competitiveness of enterprises.The digital transformation of enterprises brings many changes in the way of business operation,and investment and financing as one of the core aspects of business operation,therefore,logically speaking,the digital transformation of enterprises may affect the decision of enterprise investment and financing term selection to a certain extent,but there is little research on this in academic circles,for this reason,this paper analyzes the theoretical mechanism and relevant empirical research.Based on this,this paper constructs explanatory variables and core explanatory variables to empirically test the impact of digital transformation on corporate investment and financing maturity mismatch based on the data of corporate financial statements and textual information in corporate annual reports,using all A-share listed companies from 2007 to2020 as the sample.The results show that digital transformation significantly inhibits the maturity mismatch of corporate investment and financing,and the results hold after a series of robustness tests and endogeneity treatments.Further mechanism analysis finds that digital transformation can effectively alleviate corporate financing constraints,improve the quality of internal controls,and attract resistant institutional investors to hold shares,all of which help to suppress corporate investment and financing maturity mismatches.In addition,the heterogeneity study finds that the inhibitory effect of digital transformation on corporate investment and financing maturity mismatch is more significant among non-state-owned enterprises,enterprises in the eastern region,manufacturing enterprises,enterprises in competitive industries,and small-scale enterprises.This study enriches the research related to digital transformation of micro enterprises and provides new thinking for better solving the problem of maturity mismatch of enterprise investment and financing.It has some theoretical insight and reference significance for the implementation of digital transformation and the formulation of relevant government policies. |
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