金融学院知识库

近年来，我国经济正朝着更高质量、更高效率的方向发展，在此背景下，我们应该注重企业是否进行有效的投资活动。对于企业来说，投资活动的重要性不言而喻，它与企业经营的方方面面密切相关，对企业的可持续性发展起到了非常关键的作用，合理的投资活动可以有效降低企业的经营生产成本，提高企业收入，是推动企业快速发展的重要途径。而如果企业进行非效率投资活动，则会影响企业的经营绩效和自身价值，所以企业投资效率的高低决定了企业能否能在激烈的市场竞争中持续发展。对于众多中小企业来说，由于受到来自信息不对称问题以及委托代理冲突的负面影响，导致中小企业很容易进行非效率投资活动，不利于中小企业可持续性发展。但得益于我国对数字金融发展的大力支持，在大数据、人工智能等数字技术发展的基础上，中小企业有更多的途径去接触到优质的金融产品以及金融服务，从而提升自身投资水平。

故本文选取创业板企业作为研究对象，主要研究数字金融发展如何对中小企业的投资效率发挥作用，同时，把中小企业所面临的融资约束程度当作中介变量来进一步研究数字金融发展对中小企业投资效率的影响，另外，本文还研究了数字金融对不同企业在不同规模、不同产权性质以及不同地区的情况下，对企业投资效率的影响。通过一系列分析后，本文得到以下结论：第一，数字金融发展确实对提高中小企业的投资效率有积极作用；第二，数字金融发展可以通过缓解中小企业面临的融资约束从而影响其投资效率；第三，数字金融发展均能影响大小规模企业的投资效率，但对大规模企业的投资效率影响更显著；第四，数字金融发展更能提升非国有企业的投资效率；第五，与中部地区、西部地区的中小企业相比，数字金融更能促进东部地区中小企业的投资效率。

基于以上结论，本文相对应地提出以下建议：第一，完善数字金融体系，强化数字金融对中小企业投资效率的支持作用；第二，完善数字金融市场，深化融资约束中介作用；第三，积极推动数字金融发展，改善企业投资环境，进一步加深数字金融发展对较小规模企业、非国有企业投资效率的促进作用；第四，拓展中西部地区数字金融业务，缩小区域数字技术发展差距。

In recent years, China's economy has been developing towards higher quality and efficiency. In this context, we should pay attention to whether enterprises conduct effective investment activities. For enterprises, the importance of investment activities is self-evident. It is closely related to all aspects of enterprise operation and plays a crucial role in the sustainable development of enterprises. Reasonable investment activities can effectively reduce the operating and production costs of enterprises, increase income, and is an important way to promote rapid development of enterprises. If a company engages in inefficient investment activities, it will affect its business performance and self value. Therefore, the level of investment efficiency determines whether the company can continue to develop in the fierce market competition. For many SMEs, due to the negative impact of information asymmetry and principal-agent conflict, it is easy for SMEs to carry out inefficient investment activities, which is not conducive to the sustainable development of SMEs. However, thanks to China's strong support for the development of digital finance, on the basis of the development of digital technologies such as Big data and artificial intelligence, SMEs have more ways to access high-quality financial products and services, thus improving their own investment level.

Therefore, this article selects GEM enterprises as the research object, mainly studying how the development of digital finance plays a role in the investment efficiency of small and medium-sized enterprises. At the same time, the degree of financing constraints faced by small and medium-sized enterprises is used as an intermediary variable to further study the impact of digital finance development on the investment efficiency of small and medium-sized enterprises. In addition, this article also studies the impact of digital finance on different enterprises in different scales, property rights, and regions, The impact on investment efficiency of enterprises. After a series of analysis, this article draws the following conclusions: firstly, the development of digital finance does have a positive effect on improving the investment efficiency of small and medium-sized enterprises; Secondly, the development of digital finance can affect the investment efficiency of small and medium-sized enterprises by alleviating their financing constraints; Thirdly, the development of digital finance can affect the investment efficiency of enterprises of all sizes, but it has a more significant impact on the investment efficiency of large-scale enterprises; Fourthly, the development of digital finance can better enhance the investment efficiency of non-state-owned enterprises; Fifth, compared to small and medium-sized enterprises in the central and western regions, digital finance can better promote the investment efficiency of small and medium-sized enterprises in the eastern region.

Based on the above conclusions, this article correspondingly proposes the following suggestions: firstly, improve the digital financial system and strengthen the supporting role of digital finance in the investment efficiency of small and medium-sized enterprises; Secondly, improve the digital financial market and deepen the intermediary role of financing constraints; Thirdly, actively promote the development of digital finance, improve the investment environment for enterprises, and deepen the promoting effect of digital finance development on the investment efficiency of small-scale enterprises and non-state-owned enterprises; Fourthly, expand digital financial services in the central and western regions and narrow the gap in regional digital technology development.