Inefficient investment and digital transformation: What is the role of financing constraints?

被引：67
|
作者：
Xu, Guiyang [1 ]
Li, Guanggui [1 ]
Sun, Peibo [2 ]
Peng, Dan [3 ]
机构：
[1] Henan Univ Econ & Law, HUANGHE Business Sch, Zhengzhou 450000, Peoples R China
[2] Univ Washington, Coll Arts & Sci, Washington, DC USA
[3] Nanjing Univ, Sch Business, Nanjing 210093, Peoples R China
来源：
FINANCE RESEARCH LETTERS | 2023年 / 51卷
关键词：
Inefficient investment; Digital transformation; Financing constraints; Nature of firm property rights;
D O I：
10.1016/j.frl.2022.103429
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This paper empirically examines the effect of inefficient corporate investment on digital trans-formation, using Chinese listed companies from 2007 to 2019 as a sample, and finds that inef-ficient investment is not conducive to improving digitalization. We find that the greater the financing pressure on a company, the worse the digital transformation, and financing constraints exacerbate this negative effect. Among state-owned, private and highly digitalized companies, the negative impact of inefficient investment on digital transformation intensifies as the pressure of financing constraints increase. To combat inefficient investment, enterprises should optimize their investment structure, reduce their financing constraints, and improve their risk prevention mechanisms.
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页数：8
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