数字化背景下企业金融化、内部控制与投资效率关系的实证研究

An Empirical Study on the Relationship among Financialization,Internal Controland Investment Efficiency of Enterprises in the Context of Digitization

数字经济背景下,以“云、网、端”为代表的基础设施日臻完善。本文选取2012~2020年中国A股制造业上市公司为研究样本,构建面板模型对企业金融化,内部控制与投资效率之间的关系进行实证分析,并讨论了数字化技术的调节过程。研究结果表明:企业金融化水平越高,其投资效率越低;当内部控制质量较高时,企业金融化对投资效率的负向影响减弱;数字化技术水平对内部控制质量具有显著正向影响,且数字化技术越高,内部控制越能减弱企业金融化对投资效率的负向影响。本文研究结果为提升企业投资效率,进而实现经济高质量发展提供了重要的理论指导和参考依据。

Under the background of digital economy,the infrastructure represented by“cloud,network and terminal”is improving day by day.This paper selects Chinese A-share listed manufacturing companies from 2012 to 2020 as research samples,builds panel models to empirically analyze the relationship among financialization,internal control and investment efficiency of enterprises,and discusses the moderation process of digital technology.The results show that the higher the level of financialization,the lower the investment efficiency;When the quality of internal control is high,the negative impact of enterprise financialization on investment efficiency is weakened.The digital technology level has a significant positive impact on the quality of internal control,and the higher the digital technology,the more internal control can weaken the negative impact of enterprise financialization on investment efficiency.The research results of this paper provide important theoretical guidance and reference for improving investment efficiency of enterprises and realizing high-quality economic development.