Digital Transformation,Capital Structure and Investment Efficiency Based on Analysis of Manufacturing Industry Listed Company Data
Based on the data of A-share manufacturing listed companies in Shanghai and Shenzhen Stock Exchanges from 2015 to 2022,this paper uses text analysis method to construct enterprise digital transformation indicators,and considers the relationship among digital transfor-mation,capital structure and investment efficiency.The findings indicate that enterprise digital transformation enhances investment efficiency by optimizing capital structure,with a more pro-nounced impact on state-owned and overinvested enterprises.Therefore,it is recommended to ex-pedite the digital transformation process,develop a robust target capital structure calculation model,and implement differentiated preferential policies to enhance industry investment efficien-cy and global competitiveness in the manufacturing sector.
digital transformationinvestment efficiencycapital structure adjustment
万方数据
