Research On The Impact Of Digital Finance On Enterprise Investment Efficiency

At present,China’s economy is in a period of high-quality development,and the investment efficiency of enterprises has become one of the key aspects.Investment efficiency is not only a way to improve corporate profits,but also an important means of enterprise risk control,which can accelerate the growth of enterprise value,and also provide impetus for the allocation and use of social resources.Under the new domestic economic situation,the total investment of Chinese enterprises is growing steadily.However,the increase in the total amount does not really solve the problem of inefficient corporate investment.Academic discussions on the efficiency of corporate investment are endless.Although the academic community has explored the causes of inefficient investment and summarized many theories,there has been no clear solution to how to overcome this problem.The report of the 20 th National Congress pointed out that China should turn its perspective to the combination of the real economy and the digital economy,accelerate the efficient integration of the two,and make China’s new economic model more internationally competitive.Digital economy combined with the status quo of China’s financial industry,that is,digital finance,not only affects the way enterprises operate,but also promotes the investment efficiency of enterprises,and many new business models and high-tech have emerged.The future development of enterprises is inseparable from the far-reaching impact of digital finance,and the in-depth study of digital finance also needs to be carried out from multiple perspectives.This paper selects the digital inclusive financial index and panel data of China’s Ashare listed companies from 2011 to 2020,and selects a two-way fixed-effect model for the empirical study of digital finance and enterprise investment efficiency.This paper also draws on Richardson’s model design,uses enterprise inefficient investment as the proxy variable of the explanatory variable,uses underinvestment and overinvestment to disassemble the inefficient investment indicators of enterprises,constructs a residual regression model to better analyze the influence relationship between the two,and disassembles the digital financial metrics into coverage breadth and depth of use.The results of this paper are as follows:(1)The inefficient investment of enterprises will be negatively affected by digital finance,and the better the development of digital finance,the lower the degree of inefficient investment,and the improvement of investment efficiency of enterprises.The development of digital finance will curb the problem of underinvestment and overinvestment of enterprises,thereby enhancing the investment efficiency of enterprises.The development of digital finance in the two dimensions of coverage and depth of use has a positive impact on the investment efficiency of enterprises.(2)Financing constraints play an intermediary role between digital finance and investment efficiency,that is,the development of digital finance will ease financing constraints and improve the investment efficiency of enterprises.(3)Take the digital transformation of enterprises as the second mechanism influencing variable,that is,improve the degree of digital transformation of enterprises to promote the improvement of investment efficiency.(4)The heterogeneity analysis shows that digital finance has a more significant effect on the investment efficiency of non-state-owned enterprises than that of state-owned enterprises.The promotion effect on high-tech enterprises is stronger than that of non-high-tech enterprises.The development of digital finance in the eastern part of China is better than that in the western region,and finally in the central region.