Integration of Digital Technology:Digital Transformation and Investment Efficiency of SRDI Enterprises
The Third Plenary Session of the 20th National Congress of the Communist Party of China(CPC)emphasized the importance of fostering mechanisms to support the growth and development of"specialized,refined,distinctive,and innovative(SRDI)"enterprises,underlining their strategic significance in advancing new quality productive forces.With the acceleration of the new round of technological revolution and industrial innovation,the investment efficiency of SRDI enterprises has become a focal point in both policy and academic research.However,existing literature has yet to thoroughly explore the impact of digital transformation on the investment efficiency of such enterprises.Given that digital transformation is a key trend in current corporate development,its effects on investment efficiency may differ between SRDI and general enterprises,making it crucial to understand how digital transformation influences the investment efficiency of SRDI firms.Using data from listed enterprises between 2011 and 2021,this paper investigates the impact of digital transformation on the investment efficiency of SRDI enterprises in China from the perspectives of external information asymmetry and internal agency costs.The findings suggest that digital transformation significantly enhances investment efficiency in these firms.This conclusion is robust,supported by a series of endogeneity and robustness tests.The mechanism analysis reveals that digital transformation reduces external information asymmetry and internal agency costs,thereby improving the investment efficiency of SRDI enterprises.Heterogeneity analysis shows that the effect is particularly pronounced in enterprises located in eastern China,provincial capital cities,regions with higher marketization and competition,and firms with larger asset scales and higher cash holdings.Moreover,the improvement in investment efficiency through digital transformation is manifested in reduced over-investment and enhanced economic performance.These results not only confirm the positive relationship between digital transformation and investment efficiency but also emphasize its role in fostering more efficient resource allocation and better financial outcomes for SRDI firms.This paper makes two contributions compared to previous studies.Firstly,in terms of research focus,it systematically assesses the impact of digital transformation on the investment efficiency of SRDI enterprises,a subject not yet comprehensively explored in existing literature.Previous studies have generally not compared the differences between SRDI enterprises and general enterprises,so this paper contributes to filling this gap in the field of investment efficiency.Secondly,this paper offers a dual mechanism analysis,exploring how digital transformation affects investment efficiency through both external information asymmetry and internal agency costs.It also expands our understanding of the economic performance implications of digital transformation for these enterprises,enriching literature on the economic consequences of digital transformation.Additionally,this paper examines the heterogeneous effects of digital transformation on investment efficiency,taking into account the geographical location of enterprises and the internal and external operating environments.This nuanced analysis sheds light on how factors such as regional development and market conditions influence the outcomes of digital transformation.This provides insightful guidance for different types of SRDI enterprises to develop differentiated investment strategies.This paper deepens the understanding of how digital transformation impacts the investment efficiency of SRDI enterprises and provides valuable theoretical support and policy recommendations for promoting high-quality development and the enhancement of new quality productive forces.In the context of China's ongoing economic transformation and innovation-driven growth,the findings offer important insights for policymakers in crafting support measures and encouraging digital transformation among SRDI enterprises.
digital transformationSRDI enterprisesinvestment efficiency
万方数据
维普
