Can Digital Transformation Improve Capital Allocation Efficiency in State-Owned Enterprises?
In the era of digital economy,digital transformation has become the only way for the high-quality development of state-owned enterprises(SOEs).In this context,the study on the internal logical relationship between digital transformation and enterprise capital allocation efficiency has great theoretical and practical significance to improve the vitality and capital efficiency of SOEs.Taking Shanghai and Shenzhen A-share listed non-financial SOEs from 2009 to 2021 as research samples,the present paper empirically examines the effect and mechanism of digital transformation on the capital allocation efficiency of SOEs from the perspec-tives of external cost and internal governance.It is concluded that digital transformation can significantly improve capital factor mismatch and enhance the capital allocation efficiency of SOEs;and mechanism analysis shows that digital transformation can optimize the allocation efficiency by alleviating information asymmetry,reducing agency costs and improving financing constraints.From the perspective of market,government and SOEs,firstly,digital transformation can replace the imperfect external capital market to a certain extent,and especially in the less-developed capital market,digital transformation can improve the cap-ital factor mismatch of SOEs.Secondly,higher financial subsidies imply excessive policy burdens,weaken-ing the effect of digital transformation.Finally digitalized empowerment significantly improves the capital al-location efficiency of SOEs in the high-quality internal control environment.The findings of this paper are conducive to deepening the effects and mechanisms of capital allocation efficiency of SOEs empowered by digital transformation,which can serve as a theoretical and decision-making reference for high-quality de-velopment of SOEs in China.
NETL
NSTL
万方数据
