Abstract:    The asset allocation of enterprises reflects their resource allocation strategies. Digital economy is a new engine to drive the resource allocation of enterprises, and a reasonable asset structure is a necessary condition for achieving high-quality development of enterprises. Based on the panel data of China′s A-share listed companies from 2011 to 2020, this paper examined how the asset structure mismatch affects the high-quality development of enterprises and analyzed the regulatory effect of digital economy on the relationship between them. The study found that the mismatch of asset structure significantly hinders the improvement of high-quality development level of enterprises. The test results of the regulatory effect showed that the digital economy can significantly alleviate the negative impact of asset structure mismatch on the high-quality development of enterprises. Further research showed that the negative impact of asset structure mismatch on the high-quality development of enterprises is more obvious in enterprises with high proportion of financial assets, fixed assets, intangible assets and inventory in total assets, as well as those with high financial leverage, low financial development level and low marketization. The research conclusion will enrich the theory of capital allocation, and provide empirical evidence and reference suggestions for promoting the deep integration of digital economy and real economy and promoting the highquality development of enterprises.

Key words: asset structure, digital economy, high quality development of enterprise, moderating effect