数字化转型与企业资本配置效率  

Enterprise Digital Transformation and the Efficiency of Capital Allocation

作　　者：倪骁然 张宸瑞 Ni Xiaoran;Zhang Chenrui

机构地区：[1]厦门大学经济学院 [2]厦门大学王亚南经济研究院 [3]云南大学经济学院

出　　处：《统计研究》2025年第2期43-57,共15页Statistical Research

基　　金：国家自然科学基金面上项目“雇员关系如何影响企业价值:利益相关者的视角”(72272126);国家自然科学基金基础科学中心项目“计量建模与经济政策研究”(71988101)。

摘　　要：数字化转型已经成为提升企业竞争力和发展韧性的重要路径。本文基于沪深A股上市公司的样本,实证考察了数字化转型对企业资本配置效率的影响。研究发现,数字化转型显著提高了企业的资本配置效率。机制检验结果显示,数字化转型有助于企业提高对信息的挖掘和分析能力、促进交易达成、提高融资效率以及加强部门协同和内部管控;此外,数字化转型还有助于企业改善信息环境以获取投资者的信息反馈来优化投资决策。异质性分析表明,对于经营环境不确定性较高或经营效率较低的企业,以及行业景气度较低和外部融资依赖度较高的企业而言,数字化转型提升企业资本配置效率的效果更明显。本文的研究结论为促进数字技术与实体企业深度融合,赋能企业经营管理,提高资源配置效率提供实证依据,具有一定的现实意义。Digital transformation has become a key strategy for enterprises to enhance their competitiveness and resilience.Using a sample of Chinese A-share listed companies,this paper investigates the impact of digital transformation on the efficiency of capital allocation.Empirically,it finds that enterprise digital transformation leads to a significant increase in the efficiency of capital allocation.Mechanism tests indicate that digital transformation helps companies enhance their capabilities to seize and analyze information,promote transaction completion,improve financing efficiency,and strengthen collaboration among departments and internal control.Moreover,it helps enterprises improve their information environment,enabling them to obtain feedback from investors and thereby optimizing investment decisions.Heterogeneity analysis shows that the effect of digital transformation is more obvious on enterprises with highly uncertain operational environment or low operation efficiency,in sectors with low economic performance,high reliance on external financing sectors.The conclusions provide empirical evidence for promoting the deep integration of digital technology with enterprises,empowering operational management,and improving resource allocation efficiency,which have certain practical significance.

关 键 词：数字化转型 资本配置效率 投资决策 

分 类 号：F272.3[经济管理—企业管理]