数字化转型与企业投资效率
Digital Transformation and Enterprise Investment Efficiency
摘要: 在数字经济快速发展的背景下，本文以2007~2022年沪深A股上市公司为样本，实证检验数字化转型、金融错配与企业投资效率之间的作用机制。研究发现：企业数字化转型显著提升了投资效率，其通过优化信息处理能力与资源配置，减少盲目投资行为；金融错配在数字化转型与投资效率之间起部分中介作用，数字化转型通过降低资本成本偏离度缓解金融错配，进而促进投资效率提升。异质性分析表明，劳动密集型和高新技术企业中数字化转型的促进作用更为显著，而东部地区企业受益程度高于中西部地区。基于此，建议企业加速数字化转型进程，金融机构优化信贷资源配置，政府部门加强政策支持与区域均衡发展，共同推动数字经济与实体经济的深度融合。
Abstract: Against the backdrop of the rapid development of the digital economy, this paper takes the listed companies on the Shanghai and Shenzhen A-share markets from 2007 to 2022 as samples to empirically examine the mechanism of interaction among digital transformation, financial misallocation and corporate investment efficiency. The research finds that digital transformation significantly enhances investment efficiency by optimizing information processing capabilities and resource allocation, and reducing blind investment behaviors. Financial misallocation plays a partial mediating role between digital transformation and investment efficiency. Digital transformation alleviates financial misallocation by reducing the deviation of capital cost, thereby promoting the improvement of investment efficiency. Heterogeneity analysis indicates that the promoting effect of digital transformation is more significant in labor-intensive and high-tech enterprises, and enterprises in the eastern region benefit more than those in the central and western regions. Based on this, it is suggested that enterprises accelerate the process of digital transformation, financial institutions optimize the allocation of credit resources, and the government strengthen policy support and regional balanced development to jointly promote the deep integration of the digital economy and the real economy.
文章引用：王路瑶. 数字化转型与企业投资效率[J]. 国际会计前沿, 2025, 14(4): 1059-1072. https://doi.org/10.12677/fia.2025.144121

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