数字化转型能够提升企业投资效率吗?——来自制造业上市公司的证据

管理评论 ›› 2023, Vol. 35 ›› Issue (12): 20-30.

数字化转型能够提升企业投资效率吗?——来自制造业上市公司的证据

严子淳¹, 王伟楠², 王凯³, 张志伟³

1. 北京邮电大学经济管理学院, 北京 100876;
2. 北京工业大学经济与管理学院, 北京 100124;
3. 首都经济贸易大学工商管理学院, 北京 100070

收稿日期:2022-05-13 出版日期:2023-12-28 发布日期:2024-01-30
通讯作者: 王凯(通讯作者)，首都经济贸易大学工商管理学院副教授，博士生导师，博士。
作者简介:严子淳，北京邮电大学经济管理学院副教授，硕士生导师，博士；王伟楠，北京工业大学经济与管理学院讲师，博士；张志伟，首都经济贸易大学工商管理学院博士研究生。
基金资助:
国家自然科学基金面上项目（72374032；72172018）；国家自然科学基金青年项目（72204019）；北京市属高等学校优秀青年人才培育计划项目（BPHR202203163）；首都经济贸易大学青年学术创新团队项目（QNTD202106）。

Can Digital Transformation Improve the Investment Efficiency: Evidence from Listed Manufacturing Companies

Yan Zichun¹, Wang Weinan², Wang Kai³, Zhang Zhiwei³

1. School of Economics and Management, Beijing University of Posts and Telecommunications, Beijing 100876;
2. School of Economics and Management, Beijing University of Technology, Beijing 100124;
3. College of Business Administration, Capital University of Economics and Business, Beijing 100070

Received:2022-05-13 Online:2023-12-28 Published:2024-01-30

摘要/Abstract

摘要： 数字化转型日益成为企业高质量发展的必然选择，那么企业的数字化转型对其投资效率会有怎样的影响呢？本文以2011—2020年A股制造业上市公司为样本，通过机器学习、文献计量及爬虫技术等方式对数字化转型进行刻画，实证检验了数字化转型对企业投资效率的影响。研究发现：数字化转型能够显著改善企业的投资效率，并主要体现为降低过度投资。进一步分析发现，数字化转型对投资效率的提高通过降低代理成本及优化资源配置两条路径实现。本文还发现，数字化转型对投资效率的影响在企业产权性质不同时存在差异，且数字化转型的不同细分维度对投资效率的影响不同。本文的研究结论既可以丰富数字化转型及投资效率的相关文献，也能够为企业在数字化转型过程中的重要投资战略提供决策依据。

关键词: 数字化转型, 投资效率, 代理成本, 资源配置

Abstract: Digital transformation has increasingly become an inevitable choice for high-quality development of enterprises, so what impact will digital transformation have on their investment efficiency? Taking A-share listed manufacturing companies from 2011 to 2020 as research sample, this paper describes the degree of digital transformation through machine learning, bibliometrics and crawler technology, and empirically tests the impact of digital transformation on enterprises' investment efficiency. It is found that digital transformation can significantly improve the investment efficiency of enterprises, which is mainly reflected in reducing over-investment. Further analysis shows that digital transformation can improve investment efficiency by reducing agency cost and optimizing resource allocation. This paper also finds that the impact of digital transformation on investment efficiency is different when the property rights of enterprises are different, and different dimensions have different influence on investment efficiency. The research conclusions of this paper can not only enrich the relevant literature on digital transformation and investment efficiency, but also provide a decision-making basis for enterprises' important investment strategy in the process of digital transformation.

Key words: digital transformation, investment efficiency, agency costs, resources allocation

严子淳, 王伟楠, 王凯, 张志伟. 数字化转型能够提升企业投资效率吗?——来自制造业上市公司的证据[J]. 管理评论, 2023, 35(12): 20-30.

Yan Zichun, Wang Weinan, Wang Kai, Zhang Zhiwei. Can Digital Transformation Improve the Investment Efficiency: Evidence from Listed Manufacturing Companies[J]. Management Review, 2023, 35(12): 20-30.

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