Configurational Effects of Capital Allocation Efficiency Drivers:An Analysis of High-tech Enterprises from a Digital Economy Perspective
To analyze the multiple driving factors of the capital allocation efficiency of high-tech enterprises under the background of rapid development of the digital economy,this study identifies the driving factors of capital allocation efficiency based on the rooted theory.Utilizing a sample of 937 high-tech enterprises and adopting the fsQCA method,it explores the configurational effects of these dr-ivers on capital allocation efficiency.The research reveals that improvements in capital allocation efficiency result from the combined eff-ects of internal and external financing ecological factors,rather than being driven by a single factor.The condition configurations for high capital allocation efficiency in high-tech enterprises can be summarized into four pathways:externally driven,R&D driven,growth driven,and a dual-driven model of R&D and growth.The findings provide theoretical support and practical guidance for high-tech enterprises to optimize their capital allocation,improve the multiple paths to enhance capital allocation efficiency,and provide valuable references for enterprises and policy makers.
Digital economyHigh-tech enterprisesCapital allocation efficiency
NETL
NSTL
万方数据
