This study explores the mechanisms and heterogeneity of the impact of digital finance on financial mismatch in China, utilizing data on digital finance and financial mismatch among Chinese A-share listed companies for the period from 2012 to 2021. The results offer the following key findings: (1) digital finance notably diminishes financial mismatch, and a battery of endogeneity and robustness tests validate the resilience of these results; (2) digital finance alleviates financial mismatch by addressing issues related to financing constraints, information asymmetry, and digital transformation; (3) a heterogeneity analysis shows that the mitigating effect of digital finance on financial mismatch is more pronounced in regions that are more developed financially, non-state-owned enterprises, high-tech industries, and low-polluting industries.
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Yin et al. (2024) studied this question.
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