数字化转型、内部控制与企业投融资期限错配

Digital Transformation, Internal Control and the Maturity Mismatch of Corporate Investment and Financing

摘要: 本文利用2009~2023年中国沪深A股上市公司28,556个样本观测值，实证检验数字化转型对企业投融资期限错配的影响。研究发现，数字化转型能有效减轻企业投融资期限错配程度。进一步的机制检验揭示，数字化转型对企业投融资期限错配的抑制作用主要是通过提高企业内部控制质量实现。在异质性分析中发现当企业存在非理性短期借款、位于东部经济区域时，数字化转型在缓解企业投融资期限错配方面的作用更为显著。本文深化了数字化转型对企业投融资期限错配的缓解机制，为企业加强内部治理，提高决策效率提供参考。

Abstract: This paper empirically explores the impact of digital transformation on the maturity mismatch of corporate investment and financing using 28,556 sample observations of A-share listed companies in Shanghai and Shenzhen from 2009 to 2023. The results show that digital transformation can effectively mitigate the degree of maturity mismatch between corporate investment and financing. Further mechanism test reveals that the inhibitory effect of digital transformation on the maturity mismatch between corporate investment and financing is primarily achieved by improving the quality of internal control within enterprises. Heterogeneity analysis shows that the role of digital transformation in alleviating the maturity mismatch of corporate investment and financing is more pronounced when enterprises have irrational short-term borrowing and are located in the eastern economic region. This paper deepens the understanding of the mitigation mechanism of digital transformation on the maturity mismatch of corporate investment and financing, providing a reference for enterprises to strengthen internal governance and improve decision-making efficiency.