数字化转型、资本结构与投资效率——基于制造业上市公司数据分析

依据2015—2022年沪深A股制造业上市公司数据，运用文本分析方法，构建企业数字化转型指标，考量数字化转型、资本结构与投资效率之间的关系。结果显示：企业数字化转型通过优化资本结构抑制企业非效率投资行为，对国有企业和过度投资企业的作用更明显，且企业非债务税盾在过度投资和投资不足两种状态下作用效果相反。鉴于此，加快数字化转型进程，做好目标资本结构测算模型设计，实施差异化优惠政策，提升行业投资效率，提高制造业全球竞争力。

Digital Transformation, Capital Structure and Investment EfficiencyBased on Analysis of Manufacturing Industry Listed Company Data

Based on the data of A-share manufacturing listed companies in Shanghai and Shenzhen Stock Exchanges from 2015 to 2022, this paper uses text analysis method to construct enterprise digital transformation indicators, and considers the relationship among digital transformation, capital structure and investment efficiency. The findings indicate that enterprise digital transformation enhances investment efficiency by optimizing capital structure, with a more pronounced impact on state-owned and overinvested enterprises. Therefore, it is recommended to expedite the digital transformation process, develop a robust target capital structure calculation model, and implement differentiated preferential policies to enhance industry investment efficiency and global competitiveness in the manufacturing sector.