暨南学报(哲学社会科学版)

作者：田文涛, 周晔, 李丹晨

单位：中国人民大学财政金融学院;周晔、李丹晨,首都经济贸易大学金融学院。

关键词：数字化转型,专精特新企业,投资效率

基金：国家社会科学基金一般项目“金融科技驱动下商业银行风险形成逻辑、变化特征与治理研究”(22BJY008)。

提升专精特新企业的投资效率是促进新质生产力持续跃升的重要保障。本文利用2011—2021年我国专精特新上市企业数据,从外部信息不对称和内部代理成本的视角,研究数字化转型对专精特新企业投资效率的影响。研究发现,数字化转型有助于提高专精特新企业的投资效率,一系列内生性和稳健性结果均支持这一结论。作用机制显示,数字化转型不仅能够减少专精特新企业外部的信息不对称,还可以降低专精特新企业内部的代理成本,进而提高企业的投资效率。异质性分析结果表明,该影响在东部地区与省会城市、市场化程度高和市场竞争程度高,以及资产规模与现金持有率高的企业中尤为显著。最后,数字化转型对专精特新企业投资效率的改善主要表现为在降低企业过度投资的同时,提升企业的经济绩效。本文不仅丰富了数字化转型对专精特新企业投资效率影响因素、作用机制和经济后果的相关研究,而且对于如何进一步提高专精特新企业的投资效率具有一定启示意义。"/>template{display:none;}.mag-rich-xref-fn { cursor: pointer;}//长视频$(document).ready(function(){if($("#showLongArticleVideo") && $("#showLongArticleVideo").length && $("#showLongArticleVideo").length>0){mag_ajax_update({ele_id:'showLongArticleVideo',url:mag_currentQikanUrl() + "/CN/article/showLongArticleVideo.do?id="+$("#articleId").val()});}});$(document).ready(function(){window.metaData = {"journal":{"issn":"1000-5072","qiKanMingCheng_CN":"暨南学报（哲学社会科学版）","id":2,"qiKanMingCheng_EN":"Jinan Journal"},"fundList_cn":["国家社会科学基金一般项目“金融科技驱动下商业银行风险形成逻辑、变化特征与治理研究”(22BJY008)。"],"article":{"keywordList_cn":["数字化转型","专精特新企业","投资效率"],"juan":"46","zhaiyao_cn":"提升专精特新企业的投资效率是促进新质生产力持续跃升的重要保障。本文利用2011—2021年我国专精特新上市企业数据,从外部信息不对称和内部代理成本的视角,研究数字化转型对专精特新企业投资效率的影响。研究发现,数字化转型有助于提高专精特新企业的投资效率,一系列内生性和稳健性结果均支持这一结论。作用机制显示,数字化转型不仅能够减少专精特新企业外部的信息不对称,还可以降低专精特新企业内部的代理成本,进而提高企业的投资效率。异质性分析结果表明,该影响在东部地区与省会城市、市场化程度高和市场竞争程度高,以及资产规模与现金持有率高的企业中尤为显著。最后,数字化转型对专精特新企业投资效率的改善主要表现为在降低企业过度投资的同时,提升企业的经济绩效。本文不仅丰富了数字化转型对专精特新企业投资效率影响因素、作用机制和经济后果的相关研究,而且对于如何进一步提高专精特新企业的投资效率具有一定启示意义。","endNoteUrl_en":"https://jnxb.jnu.edu.cn/skb/EN/article/getTxtFile.do?fileType=EndNote&id=7107","reference":"","bibtexUrl_cn":"https://jnxb.jnu.edu.cn/skb/CN/article/getTxtFile.do?fileType=BibTeX&id=7107","articleType":"","abstractUrl_en":"https://jnxb.jnu.edu.cn/skb/EN/10.11778/j.jnxb.20241261","qi":"11","id":7107,"nian":2024,"bianHao":"1733127343534-2136532183","zuoZheEn_L":"TIAN Wentao, ZHOU Ye, LI Danchen","juanUrl_en":"https://jnxb.jnu.edu.cn/skb/EN/Y2024","shouCiFaBuRiQi":"2024-12-02","qiShiYe":"89","qiUrl_cn":"https://jnxb.jnu.edu.cn/skb/CN/Y2024/V46/I11","lanMu_cn":"数字治理","pdfSize":"1780","zuoZhe_CN":"田文涛, 周晔, 李丹晨","risUrl_cn":"https://jnxb.jnu.edu.cn/skb/CN/article/getTxtFile.do?fileType=Ris&id=7107","title_cn":"数技互融:数字化转型与专精特新企业投资效率","doi":"10.11778/j.jnxb.20241261","jieShuYe":"111","keywordList_en":["digital transformation","SRDI enterprises","investment efficiency"],"endNoteUrl_cn":"https://jnxb.jnu.edu.cn/skb/CN/article/getTxtFile.do?fileType=EndNote&id=7107","zhaiyao_en":"The Third Plenary Session of the 20th National Congress of the Communist Party of China (CPC) emphasized the importance of fostering mechanisms to support the growth and development of “specialized, refined, distinctive, and innovative (SRDI)” enterprises, underlining their strategic significance in advancing new quality productive forces. With the acceleration of the new round of technological revolution and industrial innovation, the investment efficiency of SRDI enterprises has become a focal point in both policy and academic research. However, existing literature has yet to thoroughly explore the impact of digital transformation on the investment efficiency of such enterprises. Given that digital transformation is a key trend in current corporate development, its effects on investment efficiency may differ between SRDI and general enterprises, making it crucial to understand how digital transformation influences the investment efficiency of SRDI firms.Using data from listed enterprises between 2011 and 2021, this paper investigates the impact of digital transformation on the investment efficiency of SRDI enterprises in China from the perspectives of external information asymmetry and internal agency costs. The findings suggest that digital transformation significantly enhances investment efficiency in these firms. This conclusion is robust, supported by a series of endogeneity and robustness tests. The mechanism analysis reveals that digital transformation reduces external information asymmetry and internal agency costs, thereby improving the investment efficiency of SRDI enterprises. Heterogeneity analysis shows that the effect is particularly pronounced in enterprises located in eastern China, provincial capital cities, regions with higher marketization and competition, and firms with larger asset scales and higher cash holdings. Moreover, the improvement in investment efficiency through digital transformation is manifested in reduced over-investment and enhanced economic performance. These results not only confirm the positive relationship between digital transformation and investment efficiency but also emphasize its role in fostering more efficient resource allocation and better financial outcomes for SRDI firms.This paper makes two contributions compared to previous studies. Firstly, in terms of research focus, it systematically assesses the impact of digital transformation on the investment efficiency of SRDI enterprises, a subject not yet comprehensively explored in existing literature. Previous studies have generally not compared the differences between SRDI enterprises and general enterprises, so this paper contributes to filling this gap in the field of investment efficiency. Secondly, this paper offers a dual mechanism analysis, exploring how digital transformation affects investment efficiency through both external information asymmetry and internal agency costs. It also expands our understanding of the economic performance implications of digital transformation for these enterprises, enriching literature on the economic consequences of digital transformation. Additionally, this paper examines the heterogeneous effects of digital transformation on investment efficiency, taking into account the geographical location of enterprises and the internal and external operating environments. This nuanced analysis sheds light on how factors such as regional development and market conditions influence the outcomes of digital transformation. This provides insightful guidance for different types of SRDI enterprises to develop differentiated investment strategies.This paper deepens the understanding of how digital transformation impacts the investment efficiency of SRDI enterprises and provides valuable theoretical support and policy recommendations for promoting high-quality development and the enhancement of new quality productive forces. 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来源：2024年第11期

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