| 企业数字化、业绩波动性与投资效率 |
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| 引用本文： | 陈银飞,邓雅慧. 企业数字化、业绩波动性与投资效率[J]. 财务研究, 2022, 0(1): 92-102 |
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| 作者姓名： | 陈银飞 邓雅慧 |
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| 作者单位： | 江苏大学财经学院 |
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| 基金项目： | 国家社科后期资助项目(19FGLB024);江苏省社会科学基金项目(18EYB019)。 |
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| 摘 要： | 本文基于2014～2019年沪深两市上市公司数据,探究企业数字化如何影响投资效率.研究发现,企业数字化提升了投资效率,尤其抑制了过度投资.机制检验发现,业绩波动性在数字化与企业投资效率间起部分中介作用.进一步通过异质性检验发现,相比于国有企业、新兴产业以及经济政策不确定性较小的样本,在非国有企业、非新兴产业以及经济政策...
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| 关 键 词： | 数字化 投资效率 业绩波动性 新兴产业 经济政策不确定性 |
Corporate Digitalization,Performance Volatility and Investment Efficiency |
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| CHEN Yin-fei,DENG Ya-hui. Corporate Digitalization,Performance Volatility and Investment Efficiency[J]. Finance Research, 2022, 0(1): 92-102 |
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| Authors: | CHEN Yin-fei DENG Ya-hui |
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| Abstract: | Based on the data of A-share listed companies from 2014 to 2019,the article explores how corporate digitalization affects investment efficiency.It is found that digitalization has improved the efficiency of corporate investment,especially inhibited excessive investment.Mechanism of inspection indicates that enterprise digitalization improves investment efficiency by reducing performance volatility.The further heterogeneity test results show that among the samples of non-state-owned enterprises,non-emerging industries and large economic policy uncertainty,digitalization has the greater effect on improving the investment efficiency.The research enriches the relevant theories of the integration of digital and physical entities,and also provides a new perspective on how to optimize corporate investment behavior. |
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| Keywords: | digitalization investment efficiency performance volatility emerging industry economic policy uncertainty |
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