Digital Economy and Firm Investment Efficiency:An Empirical Test Based on Listed Company Data
With the deep integration of digital technology and real economy,how the digital economy enables the development of enterprises has be-come a key topic in the current economic research field.Based on the data of listed companies from 2007 to 2022,this study empirically studies the impact of digital economy on enterprise investment efficiency.It is found that the impact of digital economy on inefficient investment presents an in-verted U-shaped curve,and this conclusion is still significantly valid after robustness test and endogeneity treatment.Further analysis shows that easing financing constraints and improving risk bearing capacity are the action mechanisms of digital economy affecting enterprise investment effi-ciency,and the degree of marketization plays a moderating role in the relationship between digital economy and enterprise investment efficiency.Heterogeneity analysis shows that the digital economy has a more significant impact on the investment efficiency of private enterprises,the eastern region,small market capitalization enterprises,and enterprises in the growth and maturity stages.The research results of this paper provide a new perspective for understanding the impact of digital economy on enterprise investment efficiency,and have important reference value for the formula-tion of relevant policies.
digital economyinvestment efficiencyfinancing constraintsrisk-takinginformation asymmetry
NETL
NSTL
万方数据
