企业数字化转型与投资效率：来自中国上市企业的经验证据

IF 2.9 3区经济学 Q1 ECONOMICS

Journal of Asian Economics Pub Date : 2025-02-03 DOI:10.1016/j.asieco.2025.101892

Panting Guo , Jiefeng Bi , Mengnan Zhu

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引用次数: 0

摘要

本文利用2007 - 2021年中国上市企业的数据，考察了数字化转型对投资效率的影响。研究发现，数字化转型通过减少企业内部人与外部人员之间的信息不对称，显著提高了投资效率，且这种效应仅对民营企业显著。通过应用无条件分位数回归，我们观察到数字化转型对投资效率的有利影响随着效率的提高而减小，特别是对于民营企业。机制分析表明，数字化转型缓解信息不对称主要通过两个渠道：规范盈余管理以解决投资不足问题和缓解过度杠杆以抑制过度投资。基于所有权的异质性分析证实，这些发挥作用的机制因企业类型而异，仅在私营企业中观察到显著的影响。我们的研究结果表明，政策制定者和投资者应该利用数字技术来减少信息不对称，提高效率。

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Enterprise digital transformation and investment efficiency: Empirical evidence from listed enterprises in China

In this paper, we examine the effect of digital transformation on investment efficiency using data from Chinese-listed enterprises from 2007 to 2021. We find that digital transformation significantly enhances investment efficiency by reducing information asymmetry between insiders and outsiders of enterprises and this effect is significant only for private enterprises. Through the application of unconditional quantile regression, we observe that the beneficial impact of digital transformation on investment efficiency tends to diminish as the efficiency improves, especially for private enterprises. Mechanism analysis suggests that digital transformation alleviates information asymmetry through two main channels: regulating earnings management to address underinvestment and mitigating excessive leverage to curb overinvestment. Ownership-based heterogeneity analysis confirms that these mechanisms at play vary across enterprise types, with significant effects observed exclusively in private enterprises. Our findings suggest that policy-makers and investors should leverage digital technology to reduce information asymmetry and improve efficiency.

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来源期刊

Journal of Asian Economics ECONOMICS-

CiteScore

4.70

自引率

9.40%

发文量

期刊介绍： The Journal of Asian Economics provides a forum for publication of increasingly growing research in Asian economic studies and a unique forum for continental Asian economic studies with focus on (i) special studies in adaptive innovation paradigms in Asian economic regimes, (ii) studies relative to unique dimensions of Asian economic development paradigm, as they are investigated by researchers, (iii) comparative studies of development paradigms in other developing continents, Latin America and Africa, (iv) the emerging new pattern of comparative advantages between Asian countries and the United States and North America.