投资效率视角下企业数字化对产能利用率影响研究

摘要/Abstract

摘要： 以2008—2022年沪深A股上市制造企业作为样本，本文基于投资效率视角，探究数字化与产能利用率的关系。结果显示：数字化提高投资效率，具体表现为抑制过度投资与投资不足。数字化对过度投资和投资不足具有不同的作用机制：数字化通过提高公司治理水平抑制过度投资；通过缓解融资约束抑制投资不足。数字化提高产能利用率，投资效率在其中起中介作用。数字化的产能提升效应在两职分离的企业、非国有企业，以及高外部融资依赖的企业更加明显。本文的研究结论不仅丰富了相关研究，也为提高产能利用率、化解产能过剩提供了新思路。

关键词: 企业数字化, 投资效率, 产能利用率

Abstract: Using a sample of manufacturing companies listed on the Shanghai and Shenzhen A-share markets from 2008 to 2022, this paper explores the relationship between enterprise digitalization and capacity utilization rate from the perspective of investment efficiency. The results show that digitalization can improve investment efficiency, specifically by curbing over-investment and under-investment. Digitalization acts on over-investment and under-investment via different mechanisms: it curbs over-investment by enhancing corporate governance levels and alleviates under-investment by easing financing constraints. Digitalization can increase capacity utilization, with investment efficiency playing an intermediary role. The capacity-enhancing effect of digitalization is more pronounced in companies that do not have a dual role of CEO and board chair, non-state-owned enterprises, and those with high external financing dependence. The findings of this paper not only enrich related research but also provide new insights for improving capacity utilization and addressing overcapacity.

Key words: enterprise digitalization, investment efficiency, capacity utilization

朱桂龙, 陈字理, 欧阳芳. 投资效率视角下企业数字化对产能利用率影响研究[J]. 管理评论, 2025, 37(7): 15-28.

Zhu Guilong, Chen Zili, Ouyang Fang. Research on the Impact of Enterprise Digitalization on Capacity Utilization from the Perspective of Investment Efficiency[J]. Management Review, 2025, 37(7): 15-28.

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