Research on the Impact and Mechanism of Supply Chain Information Disclosure on Investment Efficiency:Based on a Moderated Mediation Effect Model
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
