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

Abstract

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

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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