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The impact of digital finance development on corporate debt maturity structure

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  • Chen, Zongnan
  • Zhou, Maoyuan
  • Wan, Chuang
  • Chen, Tingzhu

Abstract

This paper examines the impact of digital finance development on corporate debt maturity structure. The findings indicate that digital finance development in firms’ locations leads to higher proportions of short-term debt in maturity structures among Chinese A-listed firms from 2011 to 2022, which can be explained by digital finance’s role in alleviating corporate liquidity risk. Because if a firm's liquidity risk declines and its financial condition improves, it is likely to shift toward short-term debt. Moreover, the reduction effect of digital finance on corporate debt maturity is more significant in firms with non-overconfident managers, and the increase in short-term debt associated with digital finance development is unlikely to intensify firms’ asset-liability maturity mismatches.

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  • Chen, Zongnan & Zhou, Maoyuan & Wan, Chuang & Chen, Tingzhu, 2025. "The impact of digital finance development on corporate debt maturity structure," Finance Research Letters, Elsevier, vol. 84(C).
    • Handle: RePEc:eee:finlet:v:84:y:2025:i:c:s154461232501102x
    DOI: 10.1016/j.frl.2025.107844
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