| The 14 th Five-Year Plan of the government proposes to further implement the development strategy of digital economy,improve enterprises’ enthusiasm for digital transformation,and enable the digital economy to achieve high-quality development of enterprises and economy,and digitalization has been elevated to an important strategic position.Especially since the outbreak of the epidemic,the uncertainty of the survival and development of enterprises has increased.The previous production and operation mode and governance mode of enterprises have been changed rapidly due to the outbreak of the epidemic,and the digital transformation of enterprises has become the general trend.In this context,the digital transformation of micro enterprises has become a hot research issue in the academic circle.Scholars have conducted a lot of research on the economic consequences of the digital transformation of enterprises.Existing researches mainly focus on the impact of enterprise digital transformation on enterprise value,enterprise innovation,enterprise performance,operation efficiency and other aspects,while relatively few literatures study the impact of enterprise digital transformation from the perspective of enterprise investment efficiency.Investment is an important driving force for our economic growth and plays a vital role in the process of our economic development.Efficient investment is the key for enterprises to gain profits and realize value enhancement.However,information asymmetry and agency problems make inefficient investment phenomenon exist in Chinese enterprises.In the era of digital economy,the digital transformation of enterprises has promoted the fundamental changes of corporate governance,operation management and organizational process.The application of digital technology in enterprises has improved the ability of information collection,processing and analysis of enterprises,and can improve the information environment of enterprises,alleviate agency problems and optimize corporate governance,which can improve the problem of inefficient investment of enterprises.Improving the efficiency of enterprise investment provides a breakthrough direction.Based on this,this thesis takes China’s A-share listed companies from 2013 to2021 as research samples to explore the impact of enterprise digital transformation on enterprise inefficient investment and its internal influencing mechanism.At the same time,considering that A series of strategic choices and business behaviors of enterprises will be affected by external environmental factors,external environmental factors are included in the analysis framework of the relationship between them.The moderating effects of regional financial development level,regional legalization level and external product market competition on their relationship were investigated.The empirical results show that:(1)Enterprise digital transformation can inhibit inefficient investment,which is manifested as significant inhibition of under-investment and over-investment.This conclusion is still valid after the robustness test and endogeneity test;(2)The analysis of the mechanism shows that improving the transparency of enterprise information,reducing the agency problem and improving the internal control level are the intermediate mechanism of inhibiting the inefficient investment in enterprise digital transformation;(3)Considering the influence of external environmental factors,it is found that the higher level of regional financial development,the higher level of regional rule of law and the fiercer competition of product market,the more significant the inhibition effect of enterprise digital transformation on enterprise inefficient investment;(4)Heterogeneity analysis shows that the influence of digital transformation on inefficient investment is asymmetrical due to the difference of property rights and scale of enterprises.The inhibition effect of digital transformation on inefficient investment is more significant in state-owned enterprises and large-scale enterprises.On the one hand,the research of this thesis can enrich the relevant research on the economic consequences of enterprises’ digital transformation and the influencing factors of enterprises’ inefficient investment;on the other hand,it can provide theoretical support for Chinese enterprises to actively implement digital strategy and carry out digital transformation,and also provide empirical evidence support for relevant government departments to actively support enterprises in issuing policies to carry out digital transformation. |
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