School of Management, Heilongjiang University of Science and Technology

基于2011—2020年传统能源企业上市公司数据,构建固定效应模型,探究企业数字化转型对投资效率的影响。结果表明,传统能源企业数字化转型有利于提升投资效率,融资约束和代理成本在数字化转型和投资效率之间发挥调节作用,数字化转型对投资不足、非国有性质和东中部地区企业的投资效率具有显著的促进作用。据此提出相关建议,以期助力传统能源企业数字化转型和资本市场良性投资发展。

Based on the data of listed traditional energy companies from 2011 to 2020, a fixed-effect model is constructed to explore theimpact of enterprise digital transformation on investment efficiency. The results show that the digital transformation of traditional energyenterprises is conducive to improving investment efficiency. Financing constraints and agency costs play a moderating role between digitaltransformation and investment efficiency. Digital transformation has a significant role in promoting under-investment, non-state-ownednature and investment efficiency of enterprises in the eastern and central regions. Relevant suggestions are put forward to help traditionalenergy enterprises digital transformation and sound investment development of the yihcapital market.

国家社科基金项目(23BGL237);黑龙法省哲学社会科学研究规划项目(23XZT050);黑龙江省省属高等学校基本科研业务费项目(2023-KYYWF-0517);黑龙江省高校人文社会科学重点研究基地孵化项目(2022-BSRC-01)