Research On The Impact Of Digital Operation On Enterprise Investment Efficiency

Efficiency has become an important goal of future economic reform.High efficiency investment is related to the business performance and profitability of enterprises,and is crucial to the formation of a reasonable capital structure,the construction of competitive advantages and sustainable and healthy development of enterprises.Although under the influence of macro policies,the investment efficiency of Chinese enterprises has been improved significantly,but due to the existence of information asymmetry,agency costs,financing constraints and other factors,inefficient investment is still widely existing in various industries.In recent years,the development of digital economy and the wide operation of digital technology have brought a new method to improve the efficiency of enterprise investment.Digital Operation can affect the operation management,organizational management,strategic management,financial management,marketing management and other activities of enterprises.Theoretically,it can restrain the inefficient investment behavior of enterprises and improve the investment efficiency of enterprises.However,as digital operation is an emerging operation mode,its applicable conditions,integration process and economic consequences are still unclear.In reality,only part of enterprises can really benefit from digital operation.Therefore,whether digital operation can promote the improvement of investment efficiency and its influence mechanism have become the issues that enterprises and governments attach great importance to.Based on this,this paper takes A-share listed companies from 2013 to 2021 as research samples to discuss whether and how the digital operation of enterprises affects the investment efficiency of enterprises,and at the same time studies the moderating effect of the internal management level of enterprises and the development level of digital economy in different parts of China.The conclusion is that digital operation can significantly promote the improvement of enterprise investment efficiency;Considering the influence of internal factors of enterprises,this paper finds that in enterprises with strong management ability,digital operation plays a more obvious role in improving investment efficiency.Considering the influence of external regional environment,this paper finds that the higher the development level of digital economy is,the more obvious the improvement of digital operation level is for the improvement of investment efficiency.In addition,the further study on the relationship path and mechanism of digital operation affecting investment efficiency finds that digital operation can improve the efficiency of enterprise investment by improving the effectiveness of enterprise internal control,reducing the degree of information asymmetry and agency cost,and easing the financing constraints.According to the heterogeneity of property rights,financial status and life-cycle attributes of enterprises,it is found that for state-owned enterprises and enterprises in financial distress,digital operation mainly alleviates under-investment,while for private enterprises and enterprises in good financial status,digital operation mainly restrains over-investment.From the perspective of enterprise life cycle,the enhancement effect of digital operation on investment efficiency is mainly reflected in the growth period and maturity period.Based on the above conclusions,this paper has the following enlightenments and suggestions:(1)Enterprises should closely follow the pace of the integration of digital economy and real economy,actively introduce digital technology,integrate digital technology with their own operation process in practice,and actively adjust strategies to improve operation efficiency;Pay more attention to the introduction and training of highly capable management talents and digital-related talents,optimize the management mode,accelerate employees’ mastery of digital technology,shorten the painful period from traditional operation to digital operation,and realize the continuous release of the value of digital transformation at the operation level;Attach importance to and actively make use of the support of external environment.Enterprises in areas with higher development level of digital economy should actively promote data sharing among enterprises,promote cross-border integration between industries,and seize the advantages brought by digitalization.Digital operation strategy should be determined according to its own industrial structure,life cycle and the actual situation of equality of free cash flow,and resource allocation should be reasonably planned to realize the complementary effect of digital operation and high-quality development of enterprises.(2)The government should further promote the development of digital economy;Create a good digital economy environment for the digital transformation of the real economy;Improve the incentive policy system for enterprises to carry out digital operation,and give classified policies.This paper expands the relevant research on the economic consequences of digital operation,enriches the research on the influencing factors of enterprise investment efficiency,and provides theoretical support for understanding the important role of digital operation.At the same time,this paper explores the mechanism path and heterogeneity of the influence of digital operation on investment efficiency,as well as the regulatory role of managers’ ability and regional digital economy development level,which can also provide certain reference basis for enterprises’ digital operation and the government’s formulation of relevant policies.