Impact of Digital Economy Development on Manufacturing Firms'Investment Efficiency Enhancement
This study focuses on A-share manufacturing listed companies from 2013 to 2020 to explore the repercussions of digital economy development on manufacturing firms'investment efficiency and the operative mechanisms behind it.It unveils a"U"-shaped non-linear relation-ship between the progress of the digital economy and investment efficiency in manufacturing firms,notably accentuated in firms with excessive investment.Heterogeneity analysis uncovers that the influence of digital economic progression on investment efficiency is more salient in technolog-ically intensive and burgeoning entities.Mechanistic examinations suggest that digital economy progression mitigates the scale of firms with over-or under-investment by optimizing regional capital allocation,spurring marketization,and enhancing regional labor allocation.Further analysis suggests that industry concentration,the quality of corporate accounting information disclosure,and executive gender all bear a modulating effect on how digital economy development impacts corporate investment efficiency.In view of these insights,it is advocated to deepen the evolution of the digital economy,fortify the utilization of digital technology,and vigorously stimulate digital transformation and upgrades in manufacturing firms,thereby optimizing resource distribution in manufacturing entities and bolstering their investment efficiency.
digital economymanufacturinginvestment efficiencynon-linear characteristics
万方数据
维普
