Technology Convergence of Digital and Real Industries and Corporate Financial Mismatch: A Study Based on Chinese Listed Companies

Abstract

In order to explore the changes in the degree of corporate financial resource mismatch in the process of the rising level of technology convergence of digital and real industries, this paper empirically examines the impact of technology convergence of digital and real industries on corporate financial resource mismatch by utilizing the panel data of A-share non-financial listed companies in Shanghai and Shenzhen from 2011-2023 on the basis of theoretical analysis. The findings show that the enhanced level of technology integration of digital and real industries significantly suppresses the risk of corporate financial resource mismatch, and this conclusion still holds after a series of robustness tests. The above impact is mainly realized through the mechanism of alleviating the degree of corporate financing constraints and enhancing corporate knowledge width.