This paper selects the data from Chinese A-share listed companies to examine the impact mechanism of digital finance on enterprise investment efficiency.The research shows that digital finance has a promotion effect on enterprise investment efficiency,and this promotion effect is more pronounced in over-invested enterprises.Digital finance mainly promotes enterprise investment efficiency through the dual channels of easing financing constraints and reducing loan cost.The transmission channels of"digital finance-financing constraint/loan cost-enterprise investment efficiency"are both effective.The improve-ment of environmental uncertainty and internal control quality will both intensify the promoting effect of digital finance on enterprise investment efficiency.Heterogeneity analysis shows that compared with low-growth and state-owned enterprises and enterprises in areas with low marketization degree and high finan-cial supervision intensity,digital finance has greater promotion of investment efficiency for the enterprises with high-growth and non-state-owned enterprises and the enterprises in areas with high marketization de-gree and low financial supervision intensity.
关键词
数字金融/企业投资效率/融资约束/贷款成本/环境不确定性/内部控制
Key words
digital finance/enterprise investment efficiency/financing constraints/loan cost/environ-mental uncertainty/internal control
万方数据