文献类型：期刊文献

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

作者：Xu, Guiyang[1];Li, Guanggui[1];Sun, Peibo[2];Peng, Dan[3]

通讯作者：Peng, D[1]

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

第一机构：河南财经政法大学

通讯机构：[1]corresponding author), Nanjing Univ, Sch Business, Nanjing 210093, Peoples R China.

年份：2023

卷号：51

外文期刊名：FINANCE RESEARCH LETTERS

收录：;Scopus(收录号：2-s2.0-85140307990);WOS:【SSCI(收录号:WOS:000877524500010)】；

基金：Acknowledgments This work was supported from the General Research Project on Humanities and Social Sciences in Henan Universities (2023HNSKGL160) ; Research and Practice Project on Higher Education Teaching Reform in Henan Province (2021SJGLX242Y) , and the Postgraduate Research & Practice Innovation Program of Jiangsu Province (KYCX22_0011) .

语种：英文

外文关键词：Inefficient investment; Digital transformation; Financing constraints; Nature of firm property rights

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.