| Efficiency has become an important target for the development of economy in the future.For enterprises,investment,as an important way of resource allocation,is of great significance to the future value creation and strategic development of enterprises.With the rapid development of Internet technology,and the double impact of macro-economic policies and technological advances,more and more enterprises begin to optimize the industrial structure and promote the improvement of their own investment efficiency.Meanwhile,as the digital economy continues to evolve,digital transformation has become an opportunity for enterprises to transform and upgrade.Many enterprises have joined the trend of digital transformation to establish their own competitive advantages and promote the transformation and upgrading of enterprises and value creation.However,due to the existence of uncertain factors such as the applicability,process and economic consequences of digital transformation,the investment activities of enterprises are not all effective,and many enterprises still have some inefficient investment behaviors of under investment or over investment.In this paper,a sample of A-share listed companies between 2013 and 2021 is taken as a sample to investigate the influence of digital transition on investment efficiency.First of all,Richardson model is used to measure the investment efficiency of enterprises,and the digital transformation index is calculated according to relevant indicators.Using the fixed-effect model,we examine the influence of the digital transition on the investment efficiency.On this basis,the validity of financing constraints as an intermediary variable is tested.Then the endogeneity test was conducted by 2SLS instrumental variables,and the robustness test was conducted by remeasuring the explained variables and the Sobel test.Finally,heterogeneity analysis is carried out based on the classification of regions and industries.Through research,it is found that: First,the digital transformation of the business has promoted the efficiency of investment;Second,compared with western enterprises,digital transformation can increase the investment efficiency of middle and east enterprises;Third,compared with enterprises in agriculture and service industries,the digital transformation will significantly increase the efficiency of industry’s investment;Fourth,digital transformation can improve the efficiency of enterprises’ investment by easing their financing constraints.Based on the above conclusions,this paper has the following suggestions: First,continue to promote digital financial development and assist businesses digital transition;Second,build enterprise information sharing platform to alleviate the problem of information asymmetry;Third,strengthen the construction of digital technology facilities and reduce regional digital technology differences;Fourth,Recognizing the advantages and disadvantages of the industry and actively seeking the road of digital transformation;Fifth,Broaden corporate financing channels to solve the problem of corporate financing constraints. |
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