| In recent years,with the vigorous development of big data,blockchain and other digital technologies,traditional manufacturing enterprises have carried out Digital transformation.The Digital transformation of an enterprise can not only effectively reduce the degree of information asymmetry to ease financing constraints,but also help the management to obtain multi-dimensional and high-quality information,reduce the dependence of the management on intuition and experience when making investment decisions,greatly improve the accuracy and objectivity of investment decisions,thus reducing investment risks and improving investment efficiency.In view of this,from the perspective of corporate Digital transformation,based on the information asymmetry theory,principal-agent theory and financing constraint theory,this paper empirically analyzes the impact of corporate Digital transformation on investment efficiency with the sample of A-share listed companies in Shanghai and Shenzhen Stock Exchanges from 2013 to 2020.At the same time,taking financing constraints as intermediary variables,this paper analyzes the mechanism of corporate Digital transformation to improve investment efficiency by alleviating financing constraints,The research results show that: first,under financing constraints,investment efficiency will decline,and enterprise Digital transformation can significantly improve the investment efficiency of enterprises,while curbing over investment and alleviating under investment.Secondly,the Digital transformation of enterprises can improve investment efficiency by alleviating financing constraints,in which the intermediary role of over investment and under investment is completely significant.Finally,because the degree of financing constraints of enterprises in each life cycle is different,and the nature of property rights will also affect the financing constraints of enterprises,this paper conducts grouping and property rights heterogeneity test according to the degree of financing constraints,and obtains the results: First,in the enterprise life cycle test,Digital transformation has a significant role in improving the investment efficiency of growing enterprises that are eager to expand their scale and have strong financing constraints,But it cannot promote the improvement of investment efficiency of enterprises in mature and declining periods with weak financing constraints;Second,in the test of enterprises with different property rights,Digital transformation has significantly improved the investment efficiency of state-owned enterprises with weak financing constraints and non-state-owned enterprises with strong financing constraints,among which the improvement effect is more significant for state-owned enterprises.The grouping test of over investment and under investment shows that digitalization can effectively alleviate the under investment of state-owned enterprises,and has no significant inhibitory effect on over investment,However,the alleviation effect of excessive and insufficient investment in non-state-owned enterprises is not significant.Based on the above empirical conclusions,this paper puts forward the following policy recommendations: from the perspective of the government,we should constantly improve Digital transformation support policies,increase government subsidies,accelerate the construction of digital development platforms,vigorously cultivate digital talent teams and guard against opportunism;Enterprises actively participate in Digital transformation,establish a digital governance system based on their own characteristics,transform new development drivers,and maximize their own value. |
