数字化转型视角下数字金融对企业投资效率的影响效应分析

以2011—2021年沪深A股和中小板上市公司为样本，分析数字金融对企业投资效率的影响效应。研究结果表明：数字金融能够缓解企业的投资不足，但会加剧企业的投资过度，与A股上市公司相比，数字金融对中小板上市公司的影响程度更大；数字金融影响投资效率的内在机制为缓解企业融资约束，主要表现为提高企业的信贷可得性；数字金融对投资效率的影响主要体现在制造业、软件和信息技术服务业、生产和生活性服务业，数字金融对内控有效企业投资过度的影响不显著。因此，要大力推进数字金融的发展，优化农村地区数字金融环境和强化企业内部控制建设。

Analysis of the Impact of Digital Finance on Enterprise Investment Efficiency from the Perspective of Digital Transformation

Under the wave of digital transformation, digital finance breaks through the limitations of traditional finance and affects the investment efficiency of enterprises. This paper takes the 2011-2021 Shanghai and Shenzhen A-share and small and medium-sized board listed companies as samples to analyze the impact of digital finance on corporate investment efficiency. The research results show that: digital finance can alleviate the under-investment of enterprises, but it will aggravate the over-investment, compared with A-share listed companies, digital finance has a greater impact on small and medium-sized board listed companies; digital finance alleviating financing constraints is mainly manifested in improving the credit availability of enterprises; the impact of digital finance on investment efficiency is mainly reflected in the manufacturing, software and information technology service industries, production and life service industries. The impact of digital finance on the over-investment of enterprises with effective internal control is not significant. This paper points out that it is necessary to promote the development of digital finance, optimize the digital financial environment in rural areas, and strengthen the construction of internal control of enterprises, so as to give full play to the impact of digital finance on the investment efficiency of enterprises.