企业数字化转型与投资效率--来自年报文本的经验证据  

Digital Transformation and Investment Efficiency of Firms:Evidence from Annual Report Textual Analysis

作　　者：朱茜俣 谭小芬 Zhu Xiyu;Tan Xiaofen(Guanghua School of Management,Peking University;School of Economics and Management,Beihang University)

机构地区：[1]北京大学光华管理学院 [2]北京航空航天大学经济管理学院

出　　处：《经济科学》2024年第4期93-113,共21页Economic Science

基　　金：国家社会科学基金重大项目“负利率时代金融系统性风险的识别和防范研究”(项目编号:20&ZD101)的阶段性成果。

摘　　要：本文利用2007—2022年A股上市公司的财报数据,采用词频统计的方式定义了企业的数字化转型程度。研究发现:企业数字化转型能够显著降低企业的非效率投资;基于PSM-DID检验发现,2014年“两化融合”试点企业在政策出台之后投资效率提升较多。企业数字化转型主要通过改善公司治理的内部渠道和提升公司股票信息监督的外部渠道来提高投资效率。数字化转型对投资效率的提升作用在融资约束更低、年报可读性更低、行业集中度更高的企业中表现得更为明显。此外,数字化转型还可以增加数字化研发投入和专利数目,提升经营表现。This paper employs the financial report data of Ashare listed companies from 2007 to 2022 and defines the degree of firm digital transformation using textual analysis to conduct word frequency statistics This paper finds that digital transformation can significantly restrain firmsinefficient investment Further test uses the Special Action Plan for the Deep Integration of Informatization and Industrialization(20132018)introduced in 2014 as an exogenous shock The PSMDID test shows that the investment efficiency of pilot enterprises has improved significantly after the policy implementation The mechanism test shows that digital transformation has a positive impact on investment efficiency through the internal channels of strengthening corporate governance and the external channels of enhancing the supervisory role of the capital market Heterogeneity analysis shows that digital transformation has a stronger effect on investment efficiency in enterprises with lower financing constraints,lower annual report readability,and higher industry concentration Additionally,digital transformation brings about the economic consequences of increasing digital R&D and more digital patents,which improves the business performance of enterprises。

关 键 词：数字化转型 投资效率 公司治理 股票信息 

分 类 号：F276.6[经济管理—企业管理]