数字金融是否缓解了中国企业期限错配？

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance Pub Date : 2025-08-01 DOI:10.1016/j.ribaf.2025.103153

Weiwei Xiao , Yunqing Tao , Chaoqun Li , Yongwei Ye

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引用次数: 0

摘要

本文利用2011 - 2021年中国a股上市公司的面板数据集，实证检验了数字金融对企业期限错配现象的影响。实证结果表明，数字金融对降低企业期限错配程度有显著作用，且对抵押物较少、外部监管较弱的企业和金融环境欠发达地区的企业的效果更强。机制分析表明，数字金融通过改善长期信贷渠道和弥补企业投资资金缺口，缓解了企业期限错配。这些发现为数字金融如何缓解中国企业期限错配提供了有价值的见解。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Does digital finance mitigate corporate maturity mismatch in China?

Using an extensive panel dataset of Chinese A-share listed firms from 2011 to 2021, this study empirically examines the effect of digital finance on the phenomenon of corporate maturity mismatch. Empirical results reveal that digital finance has a significant effect on reducing the extent of corporate maturity mismatch, with a stronger effect observed for firms with less collateral, weaker external supervision, and those in regions with underdeveloped financial environments. Mechanism analysis shows that digital finance mitigates corporate maturity mismatch by improving access to long-term credit and bridging funding gaps in corporate investments. These findings offer valuable insights into how digital finance alleviates corporate maturity mismatch in China.

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来源期刊

Research in International Business and Finance BUSINESS, FINANCE-

CiteScore

11.20

自引率

9.20%

发文量

240

期刊介绍： Research in International Business and Finance (RIBAF) seeks to consolidate its position as a premier scholarly vehicle of academic finance. The Journal publishes high quality, insightful, well-written papers that explore current and new issues in international finance. Papers that foster dialogue, innovation, and intellectual risk-taking in financial studies; as well as shed light on the interaction between finance and broader societal concerns are particularly appreciated. The Journal welcomes submissions that seek to expand the boundaries of academic finance and otherwise challenge the discipline. Papers studying finance using a variety of methodologies; as well as interdisciplinary studies will be considered for publication. Papers that examine topical issues using extensive international data sets are welcome. Single-country studies can also be considered for publication provided that they develop novel methodological and theoretical approaches or fall within the Journal''s priority themes. It is especially important that single-country studies communicate to the reader why the particular chosen country is especially relevant to the issue being investigated. [...] The scope of topics that are most interesting to RIBAF readers include the following: -Financial markets and institutions -Financial practices and sustainability -The impact of national culture on finance -The impact of formal and informal institutions on finance -Privatizations, public financing, and nonprofit issues in finance -Interdisciplinary financial studies -Finance and international development -International financial crises and regulation -Financialization studies -International financial integration and architecture -Behavioral aspects in finance -Consumer finance -Methodologies and conceptualization issues related to finance