系统管理学报2026，Vol.35Issue(3)：822-835,14.DOI:10.3969/j.issn2097-4558.2026.03.015
法治建设如何推动数字经济核心企业高质量发展
How Legal System Development Promotes High-Quality Development of Core Digital Economy Enterprises:Evidence from the Perspective of Short-Term Loans for Long-Term Investment
摘要
Abstract
Amid the rapid development of the digital economy,core digital economy enterprises face significant challenges related to the mismatch between short-term borrowing and long-term investment.Leveraging the establishment of bankruptcy courts as a quasi-natural experiment,this paper examines how legal system development promotes high-quality development of core digital economy enterprises from the perspective of short-term loans used for long-term investment.Baseline regression results show that the establishment of bankruptcy courts significantly curbs such mismatched financing behavior,and this conclusion remains robust after multiple robustness checks.Further analysis reveals that bankruptcy courts mitigate short-term borrowing for long-term investment through two channels:the long-term capital supply effect and the risk suppression effect.This mitigating effect is more pronounced among non-state-owned enterprises,enterprises in digital technology application sectors,regions with more efficient law enforcement,and areas with higher levels of financial development.Economic consequence analysis indicates that the suppression of mismatched financing significantly improves total factor productivity and operational performance of core digital economy enterprises.These findings enrich the literature on the micro-level effects of legal system development and provide practical insights for promoting high-quality development of the digital economy and advancing bankruptcy system reforms.关键词
破产法庭/短贷长投/数字经济Key words
bankruptcy court/short-term loans for long-term investment/digital economy分类
管理科学引用本文复制引用
刘礼稳..法治建设如何推动数字经济核心企业高质量发展[J].系统管理学报,2026,35(3):822-835,14.基金项目
江西省高校人文社会科学2023年度项目(JJ23230) （JJ23230）
