数字化转型对企业投资效率的影响研究——基于A股上市公司的经验证据

Research on the Impact of Digital Transformation on Investment Efficiency of Enterprises—Empirical Evidence Based on A-Share Listed Companies

为实现经济高质量发展,数字化转型逐渐成为企业高效率发展的必然要求。而高效率发展的一个重要前提是要实现投资效率的提高,为了解数字化转型对企业投资效率的问题,本研究选取2000~2022年我国沪深A股上市公司数据,以融资约束作为中介机制,探究数字化转型对上市公司投资效率的影响。研究发现:第一,数字化转型能够显著促进公司的投资效率。第二,数字化转型能够通过缓解上市公司的融资约束问题促进投资效率提升,这为我国上市公司投资决策选择提供了一定的理论依据。To achieve high-quality economic development, digital transformation has gradually become an inevitable requirement for efficient development of enterprises. An important prerequisite for efficient development is to improve investment efficiency. To understand the impact of digital transformation on corporate investment efficiency, this study selects data from A-share listed companies in China’s Shanghai and Shenzhen stock markets from 2000 to 2022, and uses financing constraints as an intermediary mechanism to explore the impact of digital transformation on investment efficiency of listed companies. Research has found that firstly, digital transformation can significantly promote the investment efficiency of companies. Secondly, digital transformation can promote investment efficiency by alleviating the financing constraints of listed companies, which provides a certain theoretical basis for investment decision-making choices of listed companies in China.