| Since the reform and opening up,investment has been playing a crucial role in China’s economic development.However,high investment does not mean high efficiency.How to improve the efficiency of capital utilization and change the driving force of economic growth from investment volume to investment efficiency is not only a key issue for Chinese enterprises,but also an important issue for China’s economic development.In recent years,with the development of science and technology,the digital economy has emerged,which can change the investment efficiency of enterprises in many ways.Therefore,it is very important to improve the investment efficiency of enterprises by promoting the digitalization process of enterprises.Although domestic and foreign scholars have rich research on enterprise investment efficiency and enterprise digitalization,the research on the impact of enterprise digitalization on investment efficiency is relatively lacking.However,according to the analysis of most scholars,enterprise digitalization can improve the investment efficiency of enterprises,so this paper chooses to explore the impact of enterprise digitalization on investment efficiency and explore its specific impact through empirical research.First of all,this paper combs the domestic and foreign literature,respectively combs the relevant literature of enterprise investment efficiency and enterprise digitalization,and finally combs the relevant research between the two.Secondly,this paper first theoretically analyzes the overall impact of enterprise digitalization on investment efficiency.After that,we further analyze the impact mechanism and heterogeneity of enterprise digitalization on investment efficiency,and put forward the research hypothesis of this paper.After that,this paper introduces the sample selection,data source,indicator selection and model setting.Finally,the selected indicators are used for empirical analysis according to the set model.The empirical analysis of this paper is divided into three parts.The first part analyzes the overall impact of enterprise digitalization on investment efficiency,uses enterprise digitalization to carry out benchmark regression on investment efficiency,and then uses substitution of explained variables,deletion of control variables,and change of sample size to carry out robustness test,and uses propensity matching score method(PSM)to carry out endogenous test.Then the second and third parts further study the impact of enterprise digitalization on investment efficiency through those paths and under different groupings.Among them,the second part carries out empirical analysis on the three influence mechanisms of principal-agent problem,information asymmetry and operational efficiency.The third part,starting from the nature of equity and environmental uncertainty,carries out group regression on the sample data to explore the impact of enterprise digitalization on investment efficiency in different groups.Through the above research,this paper draws the following conclusions:(1)Enterprise digitalization has a significant role in improving the overall investment efficiency of enterprises.When the investment efficiency is divided into overinvestment and under-investment,the impact of enterprise digitalization on them is different.Although enterprise digitalization can significantly inhibit the overinvestment and alleviate the under-investment of enterprises,it has a stronger inhibitory effect on over-investment.(2)Enterprise digitalization can improve the investment efficiency of enterprises by alleviating the principal-agent problem of enterprises,reducing the information asymmetry of enterprises and improving the operation efficiency of enterprises.Among them,enterprise digitalization has the highest degree of improvement in investment efficiency by improving operational efficiency,followed by principal-agent problems,and the lowest degree of information asymmetry.In addition,when influencing through these three paths,enterprise digitalization still has a strong inhibiting effect on enterprise over-investment.(3)In terms of the nature of equity,the impact of enterprise digitalization on investment efficiency varies greatly between state-owned enterprises and non-state-owned enterprises.Enterprise digitalization can significantly improve the investment efficiency of non-state-owned enterprises,inhibit their over-investment and alleviate their underinvestment,but it has no significant impact on the investment efficiency of state-owned enterprises.From the perspective of environmental uncertainty,when enterprises are facing high environmental uncertainty,enterprise digitalization can effectively improve the investment efficiency of enterprises.However,when the environment uncertainty faced by enterprises is low,it is difficult for enterprises to take advantage of digitalization,resulting in no impact on the investment efficiency of enterprises in this situation.(4)Whether in terms of benchmark regression,impact mechanism or heterogeneity,the inhibition effect of enterprise digitalization on over-investment is greater than its mitigation effect on underinvestment. |
