Research On The Impact Of Enterprise Digital Transformation On Investment And Financing Term Mismatcht

The digital economy has become a critical factor in China’s progress,yet due to financial repression and a lack of a functioning financial market,businesses are confronted with considerable financing restrictions.Moreover,a mismatch between investment and financing maturity is a frequent occurrence,thus exposing a great many businesses to grave risks.Amidst the swift expansion of the digital economy and the swift transformation of China’s economic growth trajectory,the challenge of resolving corporate investment and financing issues,diminishing corporate financing restrictions,and diminishing the maturity disparity of corporate investment and financing is of utmost importance.Consequently,our concentration will be on whether and how the digital transformation of enterprises will alter the maturity disparity of enterprise investment and financing.This paper employs the panel data of all A-share listed enterprises in Shanghai and Shenzhen from 2007 to 2020,utilizing the Python crawler function to gather and arrange the yearly reports of the enterprises,and utilizing the word frequency of feature words related to digital transformation in the annual reports of the enterprises as the extent of digital transformation of the enterprises through text analysis,based on a series of pertinent studies by prior scholars.The influence of enterprise digital transformation on investment and financing maturity mismatch,as well as its mechanism,is empirically tested in this paper.The robustness test revealed that the digital transformation of enterprises has a significant impact on the maturity mismatch between investment and financing,which remains significant.The intermediary mechanism test further revealed that digital transformation can reduce financing constraints and inefficient investment,respectively,from the perspective of financing and investment,thereby alleviating the maturity mismatch.The maturity mismatch of investment and financing is significantly reduced by the digital transformation of both non-state-owned and smaller enterprises,as this paper has discovered.This paper expands the scope of enterprise digital transformation research to include investment and financing maturity mismatches,and offers theoretical assistance to Chinese enterprises in the midst of digital transformation and facing investment and financing difficulties.It also proffers constructive suggestions for the government to bolster the real economy,foster the development of digital economy,and avert and reduce major financial risks.