企业数字化转型对金融错配的影响研究

Research on the Impact of Enterprise Digital Transformation on Financial Mismatch

摘要: 企业数字化转型是新时代企业重要发展战略，不仅能为企业发展解决技术瓶颈，也能够缓解金融错配的程度，本文在分析了企业数字化转型对金融错配的作用机理基础上，将2012~2022上市非金融公司数据作为研究对象，实证检验了企业数字化转型对金融错配的抑制作用，以降低代理成本为传导机制。此外，该效应在国有企业中不显著，非国有企业中则与主回归效应保持一致，企业自身信息不对称程度和融资约束会产生调节效应，削弱数字化转型对金融错配的抑制作用。研究结论丰富了企业数字化转型的理论意义，也为企业解决金融错配提供了新的视角。

Abstract: Enterprise digital transformation is an important development strategy for enterprises in the new era. It can not only solve technological bottlenecks for enterprise development, but also alleviate the degree of financial mismatch. Based on the analysis of the mechanism of enterprise digital transformation on financial mismatch, this article takes the data of non-financial companies listed from 2012 to 2022 as the research object, empirically tests the inhibitory effect of enterprise digital transformation on financial mismatch, and uses reducing agency costs as the transmission mechanism. In addition, this effect is not significant in state-owned enterprises, while it is consistent with the main regression effect in non-state-owned enterprises. The degree of information asymmetry and financing constraints of the enterprise itself will have a moderating effect, weakening the inhibitory effect of digital transformation on financial mismatch. The research conclusion enriches the theoretical significance of enterprise digital transformation and provides a new perspective for enterprises to solve financial mismatches.