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Research on the Impact of Digital Transformation on Enterprise Investment Efficiency

Fubo Zheng
Scientific Journal of Economics and Management Research, (2026), Vol.8, No.9, pp.271-282
Published: October 25, 2026
DOI: 10.54691/xy92v891
PDF: Download Full Text PDF
Abstract

Against the backdrop of the rapid development of the digital economy, enterprise digitalization has become a key approach to improving resource allocation efficiency. However, low investment efficiency remains a major obstacle to achieving high-quality development. Based on sample data of Chinese A-share listed companies from 2008 to 2022, this study constructs an enterprise digitalization index through text mining and uses the Richardson expected investment model to evaluate the issue of low investment efficiency. The study further provides empirical evidence on how digital transformation affects enterprise investment efficiency and the underlying mechanisms through which this effect operates. The empirical results show that digital transformation significantly reduces the phenomenon of low investment efficiency, mainly by curbing over-investment. In the basic model, the mitigating effect of digital transformation on under-investment does not reach statistical significance, but this effect becomes evident when using instrumental variable estimation and longer lag periods. The core mechanism by which digital transformation inhibits over-investment is alleviating financing constraints. For private enterprises, the improvement in investment efficiency brought about by digital transformation is particularly significant. This study confirms how digital transformation optimizes enterprise resource allocation at the enterprise level and provides policy insights for differentially promoting the digital strategies of various types of enterprises and deepening the governance reform of state-owned enterprises.

Keywords: Digital Transformation; Investment Efficiency; Over-investment; Under-investment; Financing Constraints; Nature of Property Rights.
APA Citation: Fubo Zheng (2026). Research on the Impact of Digital Transformation on Enterprise Investment Efficiency. Scientific Journal of Economics and Management Research, 8(9), 271-282. https://doi.org/10.54691/xy92v891

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