数字化转型提升企业资本配置效率的机制研究

企业数字化转型具有信息环境改善效应、公司治理完善效应以及融资约束缓解效应，从而能够优化企业的投资决策，促进企业资本配置效率提升。以2007—2020年沪深A股上市公司为样本，采用调节效应模型检验数字化转型对企业资本配置效率的影响，分析发现：数字化转型会增强企业投资水平与投资机会的正相关性，表明数字化转型促进了企业资本配置效率提升；数字化转型对信息不对称程度较高、代理问题较大、融资约束较强企业具有更为显著的资本配置效率提升作用，表明数字化转型能够通过缓解企业的信息不对称、代理问题和融资约束等提升资本配置效率；对于研发强度较高、金融化程度较高、银企关联程度较低、成长期、规模较小的企业，数字化转型具有更为显著的资本配置效率提升作用；数字化转型还可以显著促进企业的会计业绩提升。因此，企业应持续推进数字化转型，并积极改善信息环境、完善公司治理、缓解融资约束，以更好地把握投资机会，提高投资决策质量和资本配置效率。

Study on the Mechanism of Improving Corporate Capital Configuration Efficiency Through Digital Transformation

In the era of digital economy, improving the efficiency of enterprise capital allocation through digital transformation has become an important path for high-quality development of enterprises. However, the existing literature on the impact of digital transformation on corporate capital allocation efficiency and its mechanism is insufficient, especially the lack of relevant empirical evidence. This paper believes that, with the deepening of digital transformation, the efficiency of capital allocation of enterprises can be improved through mechanisms such as reducing the degree of information asymmetry, alleviating agency problems, and easing corporate financing constraints, and the efficiency improvement effect of capital allocation will show diversified enterprise heterogeneity due to different R&D intensity, financial process, bank enterprise relationship, life cycle and scale of enterprises. This paper takes the A-share listed companies in Shanghai and Shenzhen from 2007 to 2020 as a sample to systematically investigate the impact of digital transformation on the efficiency of corporate capital allocation. The research finds that digital transformation has significantly and steadily improved the capital allocation efficiency of enterprises; Mechanism test shows that digital transformation can improve the efficiency of enterprise capital allocation by reducing the degree of information asymmetry, easing agency problems and financing constraints; Relatively speaking, digital transformation has a stronger role in improving the efficiency of capital allocation for enterprises with high R&D intensity, high degree of enterprise financialization, low bank enterprise affiliated enterprises, and enterprises in growth stage and small and medium-sized enterprises. Further research shows that digital transformation can enable enterprises to achieve new value creation, improve enterprise performance and achieve high-quality development through creative resource arrangement. Compared with the existing literature, this paper mainly expands and improves as follows: Firstly, it expands the economic effects of digital transformation from the perspective of enterprise capital allocation efficiency; the secondly it deeply analyzes the mechanism of digital transformation affecting the efficiency of corporate capital allocation. This study shows that digital transformation has significantly improved the efficiency of enterprise capital allocation. Therefore, enterprises need to build a platform with digital competitiveness. Through the digital platform, data resources of various decentralized business applications can be gathered together, providing the possibility for centralized and efficient data analysis, helping management actively implement scientific investment decision-making, and effectively reducing agency problems and financing constraints of enterprises, so as to give full play to the capital allocation efficiency promotion effect of digital transformation.