企业数字化、管理费用率与投资效率  

Corporate Digitalization,Overhead Rate,and Corporate Investment Efficiency

作　　者：潘文富 张孝方 Pan Wenfu;Zhang Xiaofang(School of Accounting,Guizhou University of Finance and Economics,Guiyang 550025,China;School of Economics and Management,Tsinghua University,Beijing 100084,China)

机构地区：[1]贵州财经大学会计学院,贵阳550025 [2]清华大学经济管理学院,北京100084

出　　处：《技术经济》2023年第9期121-132,共12页Journal of Technology Economics

基　　金：贵州省哲学社会科学规划重点课题“贵州企业债券违约风险预警研究”(21GZZD57);贵州省高校人文社会科学研究基地项目“贵州数字金融应用与发展研究”(23RWJD122)。

摘　　要：为探究企业数字化对投资效率的影响,以2004—2021年沪深A股上市公司为样本进行实证分析,检验企业数字化、管理费用率与投资效率三者之间的关系。研究发现:第一,企业数字化有利于提升投资效率,并经过一系列稳健检验之后,结论仍然成立;企业数字化通过降低管理费用率,对投资效率发挥提升作用,即管理费用率在企业数字化对投资效率的影响中具有中介效应。第二,相比于非国有企业,企业数字化对投资效率的影响在国有企业中更为显著;相较于两职合一的企业,企业数字化对投资效率的提升效果在两职分离的企业中更加明显。本文基于管理费用率的视角检验了企业数字化对投资效率影响的中介影响,丰富了企业数字化的经济后果研究,对产权性质和两职合一进行异质性分析,拓展了相关领域研究。To investigate the impact of enterprise digitization on investment efficiency,an empirical analysis with a sample of A‐share listed companies in Shanghai and Shenzhen from 2004 to 2021 was conducted to test the relationship between enterprise digitization,overhead rate and investment efficiency.It is found that,first,enterprise digitization is beneficial to enhance investment efficiency,and the conclusion still holds after a series of robust tests.Enterprise digitization plays an enhancing role in investment efficiency by reducing overhead rate,i.e.,overhead rate has a mediating effect in the effect of enterprise digitization on investment efficiency.Second,the effect of enterprise digitalization on investment efficiency is more significant in state‐owned enterprises than in non‐state‐owned enterprises,and the effect of enterprise digitalization on investment efficiency is more significant in enterprises with two separate positions than in enterprises with two separate positions.The article examines the mediating effects of enterprise digitization on investment efficiency based on the perspective of overhead rate,enriches the study of economic consequences of enterprise digitization,analyzes the heterogeneity of property rights nature and two‐job unity,and expands the related field research.

关 键 词：企业数字化 管理费用率 投资效率 

分 类 号：F271[经济管理—企业管理] F832.51[经济管理—国民经济]