دانلود مقاله سرمایه گذاری ناکارآمد و تحول دیجیتال
خلاصه
1. مقدمه
2. طرح تحقیق
3. بحث در مورد نتایج آزمون تجربی
4. تست های استحکام
5. نتیجه گیری و پیشنهادات
بیانیه مشارکت نویسنده CRediT
قدردانی
ضمیمه A. آزمون MLE
منابع
Abstract
1. Introduction
2. Research design
3. Discussion of empirical test results
4. Robustness tests
5. Conclusions and recommendations
CRediT authorship contribution statement
Acknowledgments
Appendix A. MLE test
References
چکیده
این مقاله با استفاده از شرکت‌های فهرست شده چینی از سال 2007 تا 2019 به‌عنوان نمونه، تأثیر سرمایه‌گذاری شرکت‌های ناکارآمد را بر تحول دیجیتال به‌طور تجربی بررسی می‌کند و دریافت که سرمایه‌گذاری ناکارآمد برای بهبود دیجیتالی‌سازی مفید نیست. ما متوجه شدیم که هر چه فشار مالی بر یک شرکت بیشتر باشد، تحول دیجیتال بدتر است و محدودیت‌های مالی این اثر منفی را تشدید می‌کند. در میان شرکت‌های دولتی، خصوصی و بسیار دیجیتالی شده، تأثیر منفی سرمایه‌گذاری ناکارآمد بر تحول دیجیتال با افزایش فشار محدودیت‌های مالی تشدید می‌شود. برای مبارزه با سرمایه گذاری ناکارآمد، شرکت ها باید ساختار سرمایه گذاری خود را بهینه کنند، محدودیت های مالی خود را کاهش دهند و مکانیسم های پیشگیری از ریسک خود را بهبود بخشند.
توجه! این متن ترجمه ماشینی بوده و توسط مترجمین ای ترجمه، ترجمه نشده است.
Abstract
This paper empirically examines the effect of inefficient corporate investment on digital transformation, using Chinese listed companies from 2007 to 2019 as a sample, and finds that inefficient 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.
Introduction
The global economy and society are in a critical stage of digital transformation, and the supporting and leading role of the digital economy for industrial development is becoming increasingly important (Wen and Zhong, 2020). As we enter a "new normal" period, where growth rates gradually decrease, the development of the digital economy becomes an important tool for China on its journey to being a high quality, innovative country. With the in-depth implementation of China's manufacturing sector, network infrastructure and big data strategy, the development of the digital economy has gained momentum, with the overall scale expanding from 18.6 trillion yuan in 2015 to 39.2 trillion yuan in 2022, and the proportion of GDP attributed to the digital economy increasing from 27% to 38.6%, thereby becoming a key driver of stable economic growth. However, these impressive achievements have also raised some concerns. Corporate digital transformation requires investment and high technical standards, leaving some who refuse to transform, as well as those who are ready (Liu et al., 2021). Therefore, understanding the potential value of digital transformation is an issue of great concern to both academia research and policy makers.
Conclusions and recommendations
This paper takes Chinese listed companies from 2007 to 2019 as a research sample, and empirically tests the impact of investment efficiency on corporate digital development, and the mediating effect of financing constraints, and the conclusions obtained are as follows:
1 The results show that inefficient investment is detrimental to digitalization; there is a positive relationship between investment efficiency and digitalization, and the higher the financing pressure on a company, the more unfavorable the digital transformation, and financing constraints exacerbates this negative effect.
2 The financing constraint has a more significantly negative moderating effect on the relationship between inefficient investment and digitization levels for state-owned firms, private firms, and firms with higher digitization levels.
3 Companies can alleviate financing pressure to a certain extent through inefficient investment, but it is still fundamentally detrimental to their digital transformation.