数字化转型对企业非效率投资的非线性作用研究  

A Study of the Non-linear Impacts of Digital Transformation on Inefficient Investment

作　　者：俞颖[1] 宋璠 YU Ying;SONG Fan(School of Economics and Management,Northwest University,Xi'an Shaanxi 710127,China)

机构地区：[1]西北大学经济管理学院,陕西西安710127

出　　处：《技术经济与管理研究》2024年第9期93-97,共5页Journal of Technical Economics & Management

基　　金：陕西省社会科学基金项目(2020D037)。

摘　　要：选取2011—2021年A股上市公司数据,探究数字化转型对企业非效率投资的非线性影响。结果表明:数字化转型对企业非效率投资表现出倒“U”型特征,数字化转型初期会通过加大财务困境风险来提高企业非效率投资水平,后期通过优化资源配置和促进技术创新来降低企业非效率投资水平。异质性分析发现,数字化转型对企业非效率投资的倒“U”型作用在国有企业、高信息透明度企业和数字普惠金融发展水平较低城市的企业中更为明显。研究为助力企业突破数字化转型拐点、实现对企业非效率投资的有效抑制提供参考。Select the data of A-share listed companies from 2011 to 2021,the non-linear impacts of digital transformation on in-efficient investment are explored.The results show that the effects of digital transformation on inefficient investment present inverted"U"-shaped nonlinear characteristics.In the early stage of digital transformation,non-efficiency investment will be improved by increasing fi-nancial distress,and will be reduced by optimizing resource allocation and promoting technological innovation in the later stage.Heterog-eneity tests show that the inverted"U"-shaped effects are more obvious in state-owned enterprises,enterprises with high information trans-parency and in cities with lower digital finance inclusion.Based on this,the study provides references to help enterprises break through digital transformation inflection points and reduce inefficient investment.

关 键 词：数字化转型 非效率投资 财务困境 资源配置 技术创新 

分 类 号：F275[经济管理—企业管理]