Digital transformation and enterprise inefficient investment: Under the view of financing constraints and earnings management

Journal of Digital Economy Pub Date : 2023-12-01 DOI:10.1016/j.jdec.2023.12.001

Kaicheng Liao , Hengyu Liu , Fang Liu

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Abstract

In the context of the digital age, digital transformation provides new inspiration and direction for enterprise investment. This paper examines the potential mechanisms through which digital transformation affects corporate inefficient investment with the data from 2011 to 2019 of Chinese listed enterprises. Specifically, the findings indicate that digital transformation effectively curbs underinvestment by alleviating the pressure of financing constraints and inhibits overinvestment through regulating earnings management. Further analysis of the heterogeneity of industrial difference and property right unveil that the inhibitory effect of digital transformation on underinvestment and overinvestment in non-state-owned and manufacturing enterprises is more substantial than that in state-owned and non-manufacturing enterprises. These findings provide some insights for enterprises to optimize investment decisions by promoting digital transformation.

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数字化转型与企业低效投资：融资约束与收益管理视角下的企业低效投资

在数字化时代背景下，数字化转型为企业投资提供了新的启示和方向。本文以中国上市企业 2011 年至 2019 年的数据为基础，研究了数字化转型影响企业低效投资的潜在机制。具体而言，研究结果表明，数字化转型通过缓解融资约束压力有效抑制了投资不足，通过规范收益管理抑制了过度投资。对产业差异和产权异质性的进一步分析表明，数字化转型对非国有企业和制造业企业投资不足和过度投资的抑制作用比对国有企业和非制造业企业的抑制作用更大。这些发现为企业通过推进数字化转型优化投资决策提供了一些启示。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Digital Economy

CiteScore

2.30

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0.00%

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