会计学院知识库

投资活动与企业经济活动关系密切，良好的投资活动能够促进企业经济的发展。而由于代理问题和融资约束等问题的长期存在，我国上市公司的非效率投资问题仍然严峻，如何进一步提高投资效率成为当前学术界和实务界研究最关注的话题之一。近年来随着我国数字经济的迅速发展，企业数字化转型进程显著加快。在这种数字化的情境下，企业所处的内外部信息环境将得到不断改善和优化，企业非效率投资必然也会受到影响。代理问题和融资约束作为非效率投资的主要影响因素，一直以来倍受关注，数字技术的运用是否也能缓解企业面临的融资约束以及内部股东与管理层之间的代理冲突，进而影响企业非效率投资呢？

基于此，本文以2013-2020年我国A股上市公司为样本，将规范研究法与实证研究法相结合，从信息视角出发，首先，探讨了企业数字化转型对非效率投资产生的影响；其次，联系股东与管理层之间的代理问题以及企业与外部投资者之间的交易行为，论证了企业数字化转型对非效率投资的作用机理；最后，进一步考察了在过度投资企业与投资不足企业、高科技企业与非高科技企业中，企业数字化转型对非效率投资行为产生的不同影响。研究发现：第一，企业数字化转型能够有效抑制企业的非效率投资行为；第二，企业数字化转型通过降低代理成本、缓解融资约束抑制企业的非效率投资，即代理成本和融资约束发挥了部分中介效应；第三，在企业数字化转型对非效率投资的影响中，存在代理成本和融资约束的双重中介效应，且代理成本的个体效应在总间接效应中的占比要高于融资约束，即代理成本的效应要强于融资约束；第四，相比投资不足企业，数字化转型对于过度投资企业的抑制作用更为明显，相比非高科技企业，数字化转型对于高科技企业的非效率投资行为抑制作用更强。

本研究丰富了企业数字化转型经济后果及非效率投资影响因素的相关研究，有利于企业抓住新的市场机遇，构造新的商业模式，提升企业竞争力，为企业优化投资决策、合理配置资源提供参考。同时为政府引导企业实施数字化转型战略，推动资本市场有效运行，具有启示意义。

Investment activities are closely related to the economic activities of enterprises, and good investment activities can promote the economic development of enterprises. Due to the long-term existence of agency issues and financing constraints, the problem of inefficient investment in listed companies in China is still serious. How to further improve investment efficiency has become one of the most concerned topics in current academic and practical research. In recent years, with the rapid development of China's digital economy, the process of enterprise digital transformation has significantly accelerated. In this digital context, the internal and external information environment in which enterprises are located will be continuously improved and optimized, and inefficient investment by enterprises will inevitably be affected. Agency issues and financing constraints, as the main influencing factors of inefficient investment, have always been of great concern. Can the use of digital technology also alleviate the financing constraints faced by enterprises and agency conflicts between internal shareholders and management, thereby affecting inefficient investment by enterprises?

Based on this, this article takes China's A-share listed companies from 2013 to 2020 as a sample, combines normative research methods with empirical research methods, and starts from an information perspective. Firstly, it explores the impact of corporate digital transformation on inefficient investment; Secondly, based on the agency issues between shareholders and management, as well as the transaction behavior between enterprises and external investors, the paper demonstrates the mechanism of corporate digital transformation on inefficient investment; Finally, it further examines the different impacts of corporate digital transformation on inefficient investment behavior in over invested and under-invested enterprises, high-tech enterprises, and non high-tech enterprises. The research findings are as follows: Firstly, digital transformation can effectively inhibit inefficient investment behavior of enterprises; Secondly, the digital transformation of enterprises inhibits inefficient investment by reducing agency costs and easing financing constraints, which play a partial intermediary effect; Thirdly, in the impact of corporate digital transformation on inefficient investment, there is a dual intermediary effect of agency costs and financing constraints, and the individual effect of agency costs accounts for a higher proportion of the total indirect effect than financing constraints, that is, the effect of agency costs is stronger than financing constraints; Fourth, compared to under-invested enterprises, digital transformation has a more significant inhibitory effect on over-invested enterprises. Compared to non high-tech enterprises, digital transformation has a stronger inhibitory effect on inefficient investment behavior of high-tech enterprises.

This study enriches relevant research on the economic consequences of enterprise digital transformation and the factors affecting inefficient investment, helping enterprises seize new market opportunities, construct new business models, enhance their competitiveness, and provide reference for enterprises to optimize investment decisions and allocate resources rationally. At the same time, it is instructive for the government to guide enterprises to implement digital transformation strategies and promote the effective operation of the capital market.