| As one of the three major needs of China’s economic development,investment plays a key role in promoting the new normal of economy.On the one hand,the enterprise is the main body of the investment behavior,on the other hand,the enterprise investment decision is also an important link to help the enterprise achieve the strategic goal,improve the enterprise value,and realize the sustainable development.However,because of information asymmetry,principal-agent conflict and other reasons,inefficient investment exists in Chinese enterprises.With the support of digital technology,digital finance,which is born based on the digital economy,breaks through the limitation of the traditional financial system in time and space and innovates business models such as financial products and services.It has the advantages of high efficiency and convenience,and at the same time,it can effectively play the external supervision and governance mechanism to alleviate information asymmetry and agency conflicts.Therefore,this paper studies the relationship between digital finance and enterprise investment efficiency,explores whether the transmission channel of "digital finance-financing constraint-enterprise investment efficiency" is effective,and examines the regulating mechanism of environmental uncertainty and internal control on the relationship between the two.Furthermore,it further explores the heterogeneity of the impact of digital finance on the investment efficiency of enterprises in terms of the characteristics of enterprises and regions,and then puts forward feasible suggestions.This paper firstly expounds the relevant theories from the two perspectives of digital finance and enterprise investment efficiency.Based on the theoretical analysis of the relationship between digital finance and enterprise investment efficiency and puts forward the relevant hypotheses.After that,the paper constructs digital financial index and enterprise investment efficiency index and sets up regression model for empirical test to explore the mechanism of action between them.This paper selects the data of all A-share listed companies in China from 2011 to 2020,and the test results show that:(1)Digital finance has a positive impact on the investment efficiency of enterprises,which can not only restrain the overinvestment of enterprises,but also reduce the underinvestment of enterprises.From the subdivision dimension of digital finance,the usage depth of digital finance has the strongest promoting effect on the investment efficiency of enterprises,followed by the digitalization level,and the coverage breadth has the weakest effect.(2)Financing constraints play a partial intermediary role in the process of digital finance affecting enterprise investment efficiency.The transmission channel of "digital finance-financing constraint-enterprise investment efficiency" is effective.(3)Both environmental uncertainty and internal control can enhance the promoting effect of digital finance on enterprise investment efficiency.(4)Compared with lowgrowth enterprises,state-owned enterprises,enterprises in areas with low marketization degree and enterprises in areas with high financial supervision intensity,digital finance has a more significant positive impact on the investment efficiency of enterprises with high growth rate,non-state-owned enterprises,enterprises in areas with high marketization degree and enterprises in areas with low financial supervision intensity.Finally,this paper puts forward the following suggestions:(1)Continue to promote the development of digital finance.The government should formulate policies to encourage and support the construction and improvement of digital finance supporting industries and facilities and create an open and inclusive environment to provide space for the development of digital finance.(2)Build a digital financial information sharing platform.On the one hand,the third-party credit evaluation system should be perfected to improve the authenticity and reliability of credit rating results.On the other hand,we should strengthen the risk early warning mechanism and give full play to the external governance function of digital finance.(3)Improve the regulatory system for digital finance.While establishing a multi-level digital financial supervision system,regulators should strike a balance between supervision intensity and financial efficiency.The research in this paper not only has theoretical significance in enriching the research content in the fields related to digital finance and enterprise investment efficiency,but also has important practical significance in promoting the development of digital finance,improving the efficiency of enterprise investment,and promoting the development of real economy. |
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