How does the Construction of Digital Infrastructure Affect the Investment Efficiency of Private Enterprises——The Mediating Effect of the Business Environment
To explore the impact of digital infrastructure construction on the investment efficiency of private enterprises in China and investigate the mediating role of the business environment.This study is based on panel data from 30 provincial-level administrative regions in China and listed private enterprises from 2013 to 2022,applying a two-way fixed effects model and a mediating effects model for empirical analysis.The research results indicate that the construction of digital infrastructure significantly enhances the investment efficiency of listed private enterprises,effectively alleviating issues of underinvestment and overinvestment.The mediation test results of the business environment demonstrate that digital infrastructure construction optimizes the business environment,promoting the improvement of investment efficiency of private enterprises by attracting talent and facilitating investment.Heterogeneity analysis reveals that improved digital infrastructure has a more significant effect on addressing underinvestment and overinvestment issues for private enterprises in the economically developed eastern regions,while in the relatively less developed central and western regions,the improvement mainly focuses on addressing underinvestment issues.In conclusion,to address the current challenges of weak investment in private enterprises,accelerating investment and construction of digital infrastructure to unleash the digital dividend and further leveraging the role of digital infrastructure construction in improving the business environment can help enhance investment efficiency and promote high-quality development for private enterprises.
digital infrastructure constructioninvestment efficiencybusiness environmentprivate enterprises
NETL
NSTL
万方数据
