At present, enterprise digital transformation has increasingly become an important driving force for real enterprises to improve the efficiency of business decision-making and achieve high-quality development. This paper uses the data of A-share listed companies in China's Shanghai and Shenzhen stock exchanges from 2007 to 2020 and finds that enterprise digital transformation significantly alleviates the degree of “short-term loans used as long-term investment”, confirming the “decision optimization hypothesis”. The mechanism tests find that the inhibitory effect of enterprise digital transformation on shortterm loans used as long-term investment is mainly achieved by improving the efficiency of capital allocation and reducing operating risks. The cross-sectional tests show that when the enterprise's financing ability is weak, the external financing environment is poor, and the corporate governance is relatively weak, the impact of enterprise digital transformation on the short-term loans used as long-term investment is more obvious. This paper enriches and expands the research framework of the impact mechanism and economic consequences of enterprise digital transformation, and finds new empirical evidence for alleviating the maturity mismatch of investment and financing and preventing financial risks, and provides implication for the authorities to put forward digital related policies.