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| The Impact of the Digital Transformation of Government Services on the Firm’s Maturity Mismatch Improvement of Investment and Financing |
| XUE Zhixin，CHAO Xiaojing，DU Ying |
| 1. Northwest University, Xi’an, China； 2. Henan University, Zhengzhou, China |
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Abstract Based on the sample of Chinese A-share listed companies from 2010 to 2022, this study examines the impact of the digital transformation of government services on the maturity mismatch of corporate investment and financing and its channels of action. The results show that the digital transformation of government services has effectively improved corporate investment and financing maturity mismatches, promoting the optimization of corporate investment and financing structures. The mechanism confirms that the digital transformation of government services has improved the regional business environment. At the financing level, it has effectively optimized corporate financing structures, reduced external financing costs for enterprises, and alleviated financing constraints faced by enterprises. At the investment level, it has prompted enterprises to adjust their investment structures and enhanced investment efficiency and returns. Heterogeneity results show that the improvement effects are more pronounced in enterprises with higher debt financing dependence and internal liquidity constraints, as well as those in regions with lower levels of marketization and financial development. Extended analysis reveals that the digital transformation of government services helps to improve corporate production efficiency and organizational resilience.
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Received: 26 August 2024
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