{"title":"Can the development of digital finance and information transparency improve enterprise investment efficiency?","authors":"Yu Ren, Xiongfei Liu, Yi Zhu","doi":"10.1016/j.frl.2024.106597","DOIUrl":null,"url":null,"abstract":"<div><div>This study analyzes data from A-share listed companies from 2012 to 2022 to investigate the impact of digital finance development and information transparency on corporate investment efficiency. Findings indicate that digital finance development and information transparency can enhance corporate investment efficiency. Moreover, financing constraints play a significant moderating role in the relationship between digital finance development and corporate investment efficiency. Finally, the impact of digital finance development on the investment efficiency of state-owned and non-state-owned enterprises varies, with a more pronounced effect on state-owned enterprises.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"73 ","pages":"Article 106597"},"PeriodicalIF":6.9000,"publicationDate":"2025-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Finance Research Letters","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S154461232401626X","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"2024/12/19 0:00:00","PubModel":"Epub","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 0
Abstract
This study analyzes data from A-share listed companies from 2012 to 2022 to investigate the impact of digital finance development and information transparency on corporate investment efficiency. Findings indicate that digital finance development and information transparency can enhance corporate investment efficiency. Moreover, financing constraints play a significant moderating role in the relationship between digital finance development and corporate investment efficiency. Finally, the impact of digital finance development on the investment efficiency of state-owned and non-state-owned enterprises varies, with a more pronounced effect on state-owned enterprises.
期刊介绍：
Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies.
Papers are invited in the following areas:
Actuarial studies
Alternative investments
Asset Pricing
Bankruptcy and liquidation
Banks and other Depository Institutions
Behavioral and experimental finance
Bibliometric and Scientometric studies of finance
Capital budgeting and corporate investment
Capital markets and accounting
Capital structure and payout policy
Commodities
Contagion, crises and interdependence
Corporate governance
Credit and fixed income markets and instruments
Derivatives
Emerging markets
Energy Finance and Energy Markets
Financial Econometrics
Financial History
Financial intermediation and money markets
Financial markets and marketplaces
Financial Mathematics and Econophysics
Financial Regulation and Law
Forecasting
Frontier market studies
International Finance
Market efficiency, event studies
Mergers, acquisitions and the market for corporate control
Micro Finance Institutions
Microstructure
Non-bank Financial Institutions
Personal Finance
Portfolio choice and investing
Real estate finance and investing
Risk
SME, Family and Entrepreneurial Finance
京公网安备 11010802042870号
京ICP备2023020795号-1
分享
求助内容：
应助结果提醒方式：
扫码关注我们
