数字经济与企业投资效率: 基于上市公司数据的实证检验

Digital Economy and Firm Investment Efficiency:An Empirical Test Based on Listed Company Data

随着数字技术与实体经济的深度融合,数字经济如何赋能企业发展成为当前经济研究领域的重点课题。基于2007—2022年上市公司数据,实证研究数字经济对企业投资效率的影响。研究发现,数字经济对企业非效率投资的影响呈现倒“U”型曲线。进一步分析表明,缓解融资约束和提高风险承担能力是数字经济影响企业投资效率的作用机制,市场化程度对数字经济与企业投资效率间的关系起到调节作用。异质性分析表明,数字经济对私营企业、东部地区、小市值企业、成长期和成熟期企业投资效率的影响更加明显。

With the deep integration of digital technology and real economy,how the digital economy enables the development of enterprises has become a key topic in the current economic research field.Based on the data of listed companies from 2007 to 2022,this study empirically studies the impact of digital economy on enterprise investment efficiency.It is found that the impact of digital economy on inefficient investment presents an inverted U-shaped curve,and this conclusion is still significantly valid after robustness test and endogeneity treatment.Further analysis shows that easing financing constraints and improving risk bearing capacity are the action mechanisms of digital economy affecting enterprise investment efficiency,and the degree of marketization plays a moderating role in the relationship between digital economy and enterprise investment efficiency.Heterogeneity analysis shows that the digital economy has a more significant impact on the investment efficiency of private enterprises,the eastern region,small market capitalization enterprises,and enterprises in the growth and maturity stages.The research results of this paper provide a new perspective for understanding the impact of digital economy on enterprise investment efficiency,and have important reference value for the formulation of relevant policies.