A Study Of The Impact Of The Digital Economy On Corporate Inefficient Investment

Enterprises are the main body of the market,the engine of the development of the real economy,is the key to achieve high-quality economic growth in China.Investment is the future of enterprises and the hope of their development,and without effective investment,enterprises cannot prosper.So far,nonefficient investment behaviors are prevalent among enterprises in China.The rational allocation of resources within enterprises is destroyed in a large number of inefficient investment behaviors,and not only that,the ability of enterprises to create added value is also affected,which will spread to the whole capital market in the long run.As a rapidly developing new economic form,the digital economy,with its increasing level of integration with the real economy,will bring significant changes to the external social and economic environment and internal management system mechanism of enterprises,providing new opportunities for enterprises to improve inefficient investment.After reviewing the academic literature on the digital economy and corporate inefficient investment at home and abroad,this paper examines the impact of the digital economy on corporate inefficient investment based on a fixed-effects model using a regional digital economy index jointly constructed with four indicators of urban Internet development level and the digital financial inclusion index and financial data of all A-share listed companies from 2012 to 2020.The results of the empirical analysis show that: firstly,the development of the regional digital economy can reduce the degree of inefficient investment of enterprises,in which the main role of the digital economy is to compensate for the under-investment of enterprises,and the inhibiting effect on overinvestment is not obvious.Thirdly,the article also examines the heterogeneous effects of the digital economy on inefficient investment across different property rights,regions and levels of marketisation,and finds that the development of the digital economy has a more significant impact on inefficient investment in state-owned enterprises,enterprises in central and western regions and regions with lower levels of marketisation.This paper reveals the mechanism of the impact of the digital economy on the inefficient investment of Chinese enterprises,and finds that the development of the digital economy provides enterprises with more resources and information support and improves their investment efficiency,which provides theoretical support and empirical evidence for deepening the deep integration between the construction of the digital economy and micro enterprises and improving the efficiency of enterprise resource allocation.