Digital technology adoption and enterprise investment efficiency

Digital technology applications have a significant impact on the high-quality development of enterprises. This study investigates the influence of digital technology adoption on enterprise investment efficiency using data from Chinese listed companies between 2001 and 2022. The findings indicate that digital technology adoption can notably enhance enterprise investment efficiency, particularly in non-state-owned enterprises, those with high equity concentration, and technology-intensive enterprises. Digital technology adoption can enhance the effectiveness of corporate investment by mitigating information asymmetry and easing corporate financing constraints. Our study provides policy insights for promoting enterprise investment and improving enterprise investment performance.