法治建设如何推动数字经济核心企业高质量发展OA

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.