| Efficiency has become an important goal of economic reform in the future.It is of great significance for enterprises to carry out efficient investment,which can provide power for the realization of enterprise strategy,the reengineering of industrial chain value and the allocation of social resources.Although the investment and financing efficiency of Chinese enterprises has improved significantly under the dual influence of macro policies and technological factors,inefficient investment still exists widely in enterprises of various industries due to financing constraints and agency costs.In recent years,with the help of technological change,infrastructure improvement and consumption upgrading,China’s digital financial ecosystem has gradually improved.Digital finance can break through the exclusivity of traditional finance,further expand the scope of services and effectively boost economic growth.Digital finance has played an important role in payment and financing in the past.In the future,it will become the focus of digital finance to help investment activities reduce cost and increase efficiency.Therefore,it is of practical significance to study the influence and mechanism of digital finance on enterprise investment efficiency.This paper selects A-share enterprises from 2011 to 2020 as the sample.Firstly,Richardson model is used to measure the investment efficiency of enterprises.Then,through the two-way fixed effect model,this paper tests the impact of digital Finance on enterprise investment efficiency,and analyzes the heterogeneity based on enterprise scale,property rights and scientific innovation.On this basis,this paper tests the effectiveness of financing constraints and agency costs of the two intermediary channels,and examines the regulatory effect of financial supervision indicators.Finally,the robustness is tested by changing the explanatory variable and variable lag method.The results show that:(1)Digital finance can improve enterprise investment efficiency in two dimensions.First,it can give full play to resource efficiency and improve enterprise underinvestment.Second,it can give play to governance efficiency and curb excessive investment.(2)Heterogeneity analysis shows that digital finance can better improve the insufficient investment of smallscale,non-state-owned and scientific innovation enterprises.It can also restrain the excessive investment of large-scale,non-state-owned and scientific innovation enterprises.(3)From the perspective of action mechanism,digital finance can improve underinvestment by alleviating financing constraints and curb overinvestment by reducing agency costs.It is mainly due to the role of digital finance in optimizing financing structure and information disclosure,dredging financing channels and reducing financing costs and risks.(4)In the context of strengthening financial supervision,the effect of digital Finance on the improvement of enterprise investment efficiency is enhanced.Combined with the development trend of digital finance,this study focuses on the field of investment,which can provide reference for digital finance to improve the investment efficiency of real enterprises in the future.The main countermeasures and suggestions are as follows:(1)The government should vigorously promote the development of digital finance in the field of investment and guide digital finance to serve small and medium-sized,non-state-owned and scientific and innovative enterprises.(2)Micro enterprises should actively embrace digital finance,optimize the level of internal governance and improve the accuracy of investment decisions.(3)Traditional financial institutions should actively carry out digital transformation and help improve the investment efficiency of real enterprises.(4)The regulatory side should strengthen comprehensive digital financial supervision and improve the multidimensional supervision system of data,technology,business and institutions. |
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