This paper empirically analyzes the impact of cultivating new quality productivity in digital transformation on corporate investment efficiency using A-share listed companies from 2011 to 2022 as the research subjects.The results show that digital transformation significantly enhances corporate investment efficiency by reducing information asymmetry and lowering agency costs,specifically by mitigating under-investment and curbing over-investment.Group tests reveal that the effect of digital transformation on investment efficiency is more pronounced in growth-stage enterprises.Mechanism tests indicate that digital transformation achieves this effect primarily through enhancing information disclosure capabilities and optimizing internal control levels.The research conclusions provide empirical evidence to further promote the deep integration of digital finance with corporate operations,optimize corporate investment behaviors.The research also proposes policy recommendations tailored to different types of enterprises and stages of their life cycles,aiming to enhance their investment efficiency and achieve high-quality development.
关键词
数字普惠金融/投资效率/企业生命周期
Key words
digital inclusive finance/investment efficiency/corporate life cycle
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