数字化转型促进了企业固定资产投资吗?

Does Digital Transformation Promote Real Investment?

如何通过数字化转型赋能实体经济增长已经成为当前重要的课题研究。本文基于2008-2021年中国上市公司数据,探究了企业数字化转型对于企业固定资产投资的影响效果及其机制。研究发现,企业数字化转型激励了企业固定资产投资行为。在进行一系列内生性、稳健性检验后,结论依然成立。机制研究表明,企业数字化转型提高了企业的内部控制质量与盈利能力,有效缓解了市场不确定性与现金流预期不确定性对于企业固定资产投资的抑制作用,从而促进了企业固定资产投资增加。本文研究为促进企业实业投资赋能实体经济高质量发展提供了政策参考。

The empowerment of real economy growth through digital transformation has become a crucial research topic in the current context.Based on data from Chinese listed companies spanning from 2008 to 2021,this study explores the impact and mechanisms of digital transformation on corporate fixed asset investment.The research reveals that digital transformation incentivizes corporate fixed asset investment behavior.This conclusion holds true even after a series of endogeneity and robustness tests.Mechanism analysis indicates that digital transformation improves a company’s internal control quality and profitability,effectively mitigating the inhibitory effects of market uncertainty and cash flow expectations uncertainty on corporate fixed asset investment.Consequently,it promotes an increase in corporate fixed asset investment.This study provides policy insights for empowering real economic growth through increased corporate investment,contributing to high-quality development of the real economy.