| With the continuous promotion of a new round of scientific and technological revolution and industrial reform,the new engine role of the core industries of the digital economy has become more prominent.However,the rapid growth of the digital economy has covered up a series of problems such as inadequate protection of labor rights and interests.Ensuring the life and health of enterprise employees and ensuring their income and treatment has always been a major issue of concern to all sectors of society.In particular,the Internet industry is constantly experiencing layoffs,forced overtime and other incidents,making the society increasingly concerned about corporate social responsibility.Corporate social responsibility is a must for enterprises pursuing excellence.It is one of the key elements that determine their sustainable development,and it is also an important issue to promote the realization of the goal of common prosperity.In this context,it is of great significance for the healthy and sustainable development of digital enterprises to clarify the impact of listed companies in the core industries of the digital economy actively fulfilling their social responsibilities on corporate investment efficiency,and it also provides a path and reference for the solid promotion of common prosperity.Firstly,the paper summarizes the relevant literature at home and abroad,and analyzes the mechanism of corporate social responsibility on investment efficiency on the basis of stakeholder theory,information asymmetry theory,signaling theory and principal-agent theory.Secondly,after determining the concept and scope of the core industry of the digital economy,we use factor analysis to measure the corporate social responsibility of listed companies in the core industry of the digital economy from the perspective of common prosperity.Again,taking403 A-share listed companies in the core industries of the digital economy from 2016 to 2021 as the research object,a multiple regression model and an intermediary effect model are constructed to empirically test the impact of digital enterprises’ performance of social responsibility on their investment efficiency,as well as the existence of the transmission path of financing constraints.Finally,the heterogeneity test is conducted according to the geographical location of the enterprise and the degree of external attention received by the enterprise.The research finds that:(1)The listed companies in the core industries of the digital economy fulfill their social responsibilities and play a positive role in improving their investment efficiency(alleviating the under investment and restraining the over investment).(2)Digital enterprises can effectively alleviate the financing constraints faced by enterprises by actively fulfilling their social responsibilities.(3)Financing constraints play a part of intermediary role between corporate social responsibility and corporate investment efficiency.For digital enterprises with insufficient investment,corporate social responsibility can alleviate the lack of investment by reducing the financing constraints received,thus improving the efficiency of enterprise investment;However,for digital enterprises with excessive investment,the intermediary transmission path of financing constraints cannot be verified.(4)Further inspection shows that corporate social responsibility plays a more significant role in improving investment efficiency in developed regions when digital enterprises receive more attention from the outside.In the future,we will further refine the common points of digital economy enterprises to make them more compatible with variable selection.Finally,after the conclusion of the empirical study,the article puts forward relevant suggestions from the two levels of digital economy enterprises and external participants,with a view to improving the investment efficiency of digital economy enterprises and achieving a win-win situation of responsibility and interests. |
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