Abstract: In recent years, the phenomenon of debt-equity“double thunder”in China's capital market has been frequent, and some companies with higher amount of cash and short-term debt, known as“double high in deposit and loan”, have frequently defaulted, which have caused worries. How to cope with this type of economic phenomenon has become a common focus of attention from all sectors of society. Based on the data of of A-share listed enterprises in Shanghai and Shenzhen from 2011 to 2020, this paper examines the impact and transmission mechanism of enterprise digital transformation on the“double high in deposit and loan”anomaly, and further analyzes the differences of corporate governance effects of digital transformation under different scenarios. The findings show that the enterprise digital transformation can inhibit the“double high in deposit and loan”anomaly, and that the big data technology transformation can play a most significant role in inhibiting the “double high in deposit and loan”anomaly. The mesomeric effect test reveals that information transparency, long-term loans, financing constraints and financial instability are important transmission intermediaries for the relationship between the digital transformation of enterprises and the“double high in deposit and loan”anomaly. The heterogeneity study reveals that enterprise digital transformation has a more obvious inhibitory effect on the“double high in deposit and loan”anomaly of state-owned enterprises and enterprises in regions with higher digital levels. The above findings helpfully supplement the relevant researches on the economic consequences of digital transformation, and provide policy reference for enterprises to implement digital transformation and for governments to formulate digital policies.

Key words: digital transformation, double high in deposit and loan, financing costs, financing constraints, financial risks