Supply chain information is closely related to enterprise operation,and disclosure of supply chain information is an important factor to improve enterprise investment efficiency.Based on the panel data of non-financial listed companies in China from 2012 to 2021,this paper investigated the relation-ship,specific mechanism and situational mechanism between information disclosure of enterprise sup-ply chain and investment efficiency.The results show that there is a positive relationship between sup-ply chain information disclosure and enterprise investment efficiency.Through the analysis of the mechanism,it is found that the information disclosure of supply chain can improve the investment effi-ciency of enterprises by reducing the agency cost and financing constraints.Through the analysis of sce-nario mechanism,it is found that digital finance negatively regulates the intermediary effect between supply chain information disclosure and investment efficiency.The research results have certain theo-retical significance for discussing the influencing factors and external mechanism of enterprise invest-ment efficiency,and provide reference for how to improve enterprise investment efficiency.
Supply chain information disclosureAgency costInvestment efficiencyDigital financecorporate governance
NETL
NSTL
万方数据
