| Digitalization is an irresistible technological trend,which is leading the arrival of the digital era.As a landmark product of the digital era,digital finance is an important engine for China’s economic development.As an important part of China’s market economy,the sustainable and healthy development of enterprises is crucial to the smooth progress of China’s economy.If an enterprise wants to develop stably in the highly competitive market economy in China in the long run,it must constantly expand its scale and improve its operating efficiency,which largely depends on the level of its investment efficiency.Therefore,it is of great theoretical value and practical significance to study whether the development of digital finance can promote the improvement of enterprise investment efficiency,which is in line with the spirit of financial service entities and the development trend of China’s digital financial system.The development of digital finance has effectively alleviated the problem of information asymmetry between enterprises and individual or institutional investors,promoted the efficient circulation of financial resources in the whole society,and has an important impact on optimizing and improving the investment activities of micro enterprises.With reference to the digital inclusive financial index compiled and released by the Digital Finance Research Center of Peking University as the proxy variable of digital finance,this paper focuses on the analysis of the relationship between digital finance and enterprise investment efficiency and its mechanism,selects A-share listed companies in Shanghai and Shenzhen Stock Exchanges from 2013 to 2020 as research samples,and through the establishment of a fixed effect model,deeply analyzes digital finance and its three dimensions of coverage The impact of the depth of use and the degree of digitalization on the investment efficiency of enterprises,and further investigate the impact of these four indicators on the under investment and over investment of enterprises.Then,this paper explores whether digital finance can affect the investment efficiency of enterprises through industrial investment level and financing constraints.Finally,according to the performance differences of digital finance in different characteristics of enterprises and regions,the heterogeneity test of the impact of digital finance on enterprise investment efficiency is conducted.The empirical results show that the development of digital finance is closely related to the improvement of enterprise investment efficiency.Digital finance can effectively curb the inefficient investment behavior of enterprises,and also has a significant mitigation effect on the under investment and over investment of enterprises.At the same time,digital finance can reduce the industrial investment level of enterprises and ease the financing constraints on the investment efficiency of enterprises.The results of heterogeneity test show that,in terms of enterprise heterogeneity,digital finance is more conducive to improving the investment efficiency of non-state-owned enterprises and enterprises with higher growth;In terms of regional heterogeneity,digital finance plays a more significant role in improving the investment efficiency of enterprises in the eastern and southern regions,which is due to the high level of economic development and the relatively perfect financial resource endowment in these regions.The research in this paper provides theoretical support and empirical basis for making full use of the development of digital finance in China to improve many existing inefficient behaviors of enterprises,promote enterprises to carry out healthy investment activities to create more value,and also provides direction guidance for enterprises to enjoy a higher quality digital financial service system. |
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