How does digital finance affect financial mismatch?

Lei Yin and Zeguo Wang

Applied Economics, 2025, vol. 57, issue 22, 2869-2886

Abstract: 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.

Date: 2025
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DOI: 10.1080/00036846.2024.2331429

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