摘要
以2014—2020年中国A股上市企业为研究样本,从信息赋能和治理赋能两方面阐述企业数字化转型与投资效率的内在关联,实证检验数字化转型对企业投资效率的影响及作用机制。研究表明:数字化转型显著提高了企业投资效率,表现为抑制过度投资和缓解投资不足两方面;机制检验发现,数字化转型通过缓解企业与外界的信息不对称、降低代理成本进而改善企业投资效率。进一步研究发现,数字化转型与企业投资效率的关系因企业产权性质、企业技术属性、企业所处地区市场化水平的不同而存在显著差异。
Taking China’s A-share listed enterprises from 2014 to 2020 as sample, this paper analyzes the internal relationship between enterprise digital transformation and investment efficiency from two aspects of information empowerment and governance empowerment, and empirically tests the impact and mechanism of digital transformation on investment efficiency. Results show that digital transformation significantly improves the investment efficiency of enterprises, which is manifested in two aspects: restraining over-investment and alleviating under-investment. The mechanism test shows that digital transformation improves investment efficiency by alleviating information asymmetry between enterprises and the outside and reducing agency costs. Further research also shows that the relationship between digital transformation and enterprise investment efficiency is significantly different due to the nature of corporate property rights, corporate technical attributes, and the level of marketization in the region where the company is located.
作者
李雷
杨水利
陈娜
LI Lei;YANG Shui-li;CHEN Na(School of Economics and Management,Xian University of Technology,Xian 710054;Business School,Gansu University of Political Science and Law,Lanzhou 730070)
出处
《软科学》
CSSCI
北大核心
2022年第11期23-29,共7页
Soft Science
基金
国家社会科学基金项目(21AJY020)
陕西省科技厅软科学一般项目(2021KRM085)。
关键词
数字化转型
投资效率
信息赋能
治理赋能
digital transformation
investment efficiency
information empowerment
governance empowerment
