摘要
随着全球经济的快速发展,数字化转型已成为制造业提升竞争力的关键因素。它不仅推动了生产、生活、治理模式的持续变革,也推动了产业数字化与数字产业化。本研究旨在探讨数字化转型如何影响制造业上市公司的投资效率。通过选取2003~2022年间我国沪深A股制造业上市公司数据,运用面板数据分析方法,本研究发现数字化转型显著提高了公司的投资效率。具体而言,数字化转型通过缓解融资约束对投资效率产生了积极影响。然而,研究也发现,不同地区和产权性质的制造业上市公司在数字化转型过程中的投资效率提升程度存在差异。本研究为制造业上市公司提供了数字化转型的实证依据,并建议公司应根据自身特点制定相应的数字化转型策略,以最大化投资效率。企业应大力推动数字化转型,在此过程注重降低融资约束,减少信息不对称,并加强监督。这些措施有助于企业更好地适应市场需求,提高竞争力,实现可持续发展。With the rapid development of the global economy, digital transformation has become a key factor to enhance the competitiveness of the manufacturing industry. It not only promotes the continuous transformation of production, life and governance models, but also promotes industrial digitalization and digital industrialization. This study aims to explore how digital transformation affects the investment efficiency of listed manufacturing companies. By selecting the data of Shanghai and Shenzhen A-share manufacturing listed companies during 2003~2022 and using panel data analysis method, this study finds that digital transformation significantly improves the investment efficiency of companies. Specifically, digital transformation has had a positive impact on investment efficiency by easing financing constraints. However, the research also found that there are differences in the degree of investment efficiency improvement of listed manufacturing companies in different regions and property rights in the process of digital transformation. This study provides an empirical basis for the digital transformation of listed manufacturing companies, and suggests that companies should formulate corresponding digital transformation strategies according to their own characteristics to maximize investment efficiency. Companies should push ahead with digital transformation, focusing on reducing financing constraints, reducing information asymmetries, and strengthening oversight. These measures help enterprises better adapt to market demand, improve competitiveness and achieve sustainable development.
出处
《电子商务评论》
2024年第4期5252-5267,共16页
E-Commerce Letters
