Research On The Influence Of Digital Finance On The Maturity Mismatch Of "Short-term Loans And Long-term Investments" Of Listed Companies

Enterprises not only play an important role in economic development,but also play a positive role in solving employment problems and promoting social stability and harmony.However,the development of Chinese enterprises has always been faced with the problems of large financing constraints and high financing costs.There is a widespread maturity mismatch of "short-term loans and long-term investments",which will lead to the increase of liquidity and operation risks faced by enterprises.With the information technology upgrading in recent years,block chain,Internet of Things,cloud computing and other technologies are emerging.Platform economy is rising rapidly and digital finance is indeed emerging.The development of digital finance makes a more effective allocation of financial products,thus improving the level of financial services and shortening the distance between the banks and enterprises,which then reduce the degree of information asymmetry,and alleviate the financing constraints of enterprises further.It provides a new channel for enterprises to alleviate the maturity mismatch of "short-term loans and long-term investments" by facilitating financing exclusion groups to obtain financial services at a relatively low cost.This paper firstly reviews the literature at home and abroad,and defines the concept of digital finance and the "short-term loans and long-term investments" faced by Chinese enterprises.Then use immunisation hypothesis,principal-agent theory,credit discrimination theory,priority financing theory,optimal financial structure theory to enterprise’s "short-term loans and long-term investments" reasons were analyzed,and put forward key assumptions,to explore whether the digital financial reduce enterprise’s "short-term loans and long-term investments" problem,and whether the financing constraints play intermediary effect.Based on the data samples of A-share listed companies from 2011 to 2020,this paper selects the investment-short-term loan sensitivity model to verify that enterprises generally have the maturity mismatch problem of "short-term loans and long-term investments".On this basis,enterprises are grouped according to the average asset size and ownership nature.Analyze the degree to which digital finance alleviates the maturity mismatch of "short-term loans and long-term investments" for enterprises of different sizes and ownership.The empirical results show that the mechanism of digital finance affecting the phenomenon of "short-term loans and long-term investments" of enterprises is that digital finance can reduce the degree of "short-term loans and long-term investments" of enterprises by alleviating financing constraints.The main channels are the breadth of coverage and depth of use.Further research finds that digital finance has a more significant mitigation effect on large-scale enterprises and state-owned enterprises,but it has no significant effect on small and medium-sized enterprises and private enterprises,due to the incomplete development of digital inclusive finance.Based on the results of theoretical research and empirical analysis,this paper gives corresponding policy suggestions from the perspectives of the government,financial institutions,enterprises and supervision,in the hope that the further development of digital finance can help alleviate the maturity mismatch of "short-term loans and long-term investments" faced by enterprises,and promote the steady development of China’s economy.