Research on the Impact of Enterprise Digitalization on Capacity Utilization from the Perspective of Investment Efficiency

Abstract

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

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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