Corporate maturity mismatch and enterprise digital transformation: Evidence from China

被引:69
作者
Hu, Yan [1 ]
Che, Dexin [2 ]
Wu, Fei [2 ]
Chang, Xi [2 ]
机构
[1] Guangdong Univ Finance, Sch Finance & Investment, Guangzhou 510521, Peoples R China
[2] Guangdong Univ Finance, Sch Natl Finance, Guangzhou 510521, Peoples R China
基金
中国国家自然科学基金;
关键词
Corporate maturity mismatch; Enterprise digital transformation; Financial distress; Corporate financialization; Big data; Natural language processing; DEBT MATURITY; CAPITAL STRUCTURE; ROLLOVER RISK; INVESTMENT; FIRM;
D O I
10.1016/j.frl.2023.103677
中图分类号
F8 [财政、金融];
学科分类号
0202 ;
摘要
This paper sheds light on the impact of corporate maturity mismatch on enterprise digital transformation for the first time. We conduct in-depth text analysis on a huge number of annual reports and construct the earliest digital transformation index in China. The results show that the greater the corporate maturity mismatch is, the worse the enterprise digital transformation is, and this effect is more pronounced in non-SOEs, manufacturing industries and growing or mature firms. Furthermore, corporate maturity mismatch hinders enterprise digital transformation by exacerbating financial distress and distorting investment behavior, and the financial regulation plays a role in mitigating this negative effect. The findings provide insights into how to promote the development of the digital economy in China.
引用
收藏
页数:7
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