| Along with the development of technology and thanks to the support of the government,digital technology in China’s enterprises has been developing at a rapid pace.The digital transformation of enterprises has not only given rise to new business models but has also given new impetus to the development of the economy,and in the future may even bring about revolutionary changes in the shape of human society.Therefore,in the context of China’s economy turning into a new stage of high-quality development,the digital transformation of enterprises is no longer an "optional" issue,but a "mandatory" course for the long-term survival and development of enterprises.Digital technology is releasing tremendous value thanks to its technical advantages.Using data and information,digital technology can help companies to upgrade their industries and improve their information disclosure by taking advantage of the full chain of "replication,linking,simulation and feedback".Improving the efficiency of investment and adjusting the capital structure has always been one of the priorities of the state’s financial management,and how to reasonably improve the operational efficiency of enterprises and reduce the current unproductive investment behavior of enterprises is an urgent problem in the current market economy.Information asymmetry is the cause of inefficient investment,but the implementation of e-transformation by SMEs can reduce information asymmetry in a certain sense through their information technology capabilities,and the implementation of e-transformation by SMEs brings direction and perspective to their thinking about improving the quality of their own financing and reducing their value-free financing behavior.Based on the above background,this paper examines the impact of digital transformation on the inefficient investment behavior of enterprises.Firstly,by reviewing the literature,we define the concept and measurement methods of digital transformation and inefficient investment.According to the relevant views of financing constraints and information asymmetry principles,the hypothesis is given digital transformation of enterprises can play a corrective role in the inefficient investment behavior of enterprises,digital transformation can improve the investment efficiency of enterprises.A statistical analysis of the frequency of digital transformation words in the annual reports of enterprises was conducted using python method to represent the digital development of companies;the Biddle regression model was used to measure the level of inefficient investment of enterprises.A total of 20,684 observations of Ashare listed companies from 2011 to 2020 were obtained,and the data were summarized by Excel.A multiple regression statistical analysis of panel data was also conducted using the Stata17 standard,and the empirical regressions led to the following conclusions:(1)digital transformation of enterprises can correct their inefficient investment behaviors and improve their investment efficiency;(2)financing constraints,agency costs and information transparency of enterprises play a mediating role in the process of correcting investment efficiency through digital transformation.Based on this,the heterogeneity of the nature of ownership and the life cycle of enterprises was tested,and the following conclusions were drawn:(3)Non-state enterprises were more effective in correcting inefficient investment behavior when they underwent digital transformation than state-owned enterprises;(4)Digital transformation was more effective in correcting inefficient investment behavior in developing and declining enterprises than in maturing enterprises.Finally,based on the empirical findings of this paper,digital transformation advice is provided for both the government sector and the company level.The government can also use government support policies and incentives to stimulate new incentives for companies to transform into digital industries;at the same time,the government also needs to create a favorable digital transformation environment to compensate for the shortage of key factors.Enterprises need to accelerate the integration of digital information technology,grasp the benefits brought by digitalization,enhance the management capacity of enterprises through digital means,reduce the phenomenon of non-efficient investment caused by the phenomenon of information asymmetry,and enhance the effectiveness of enterprises.This will enable digital transformation to release its benefits in the long term. |
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