| 数智融合发展对实体企业投资效率的影响研究 |
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| 引用本文：刘亦文1,2，高京淋3，陈熙钧4.数智融合发展对实体企业投资效率的影响研究[J].湖南大学学报社会科学版,2025,(1):67-77 |
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| 中文摘要:以2011-2020年中国A股实体上市公司为研究对象，使用理查森预期投资模型测度实体企业投资效率，检验数智融合发展对实体企业投资效率的影响效果和作用机制。研究发现：数智融合发展有益于改善实体企业投资效率，且对投资不足行为的改善作用更为突出，这一效果具有明显的数智基础设施建设异质性和产业异质性；数智融合能够有效缓解企业信息不对称问题和降低企业融资约束，进而减少企业非效率投资规模。此外，企业内部治理能力和市场竞争压力均在数智融合推动企业投资效率提升过程中发挥着正向调节作用，而媒体负面报道压力则发挥着负向调节作用。 |
| 中文关键词:数智融合 实体企业投资效率 信息不对称 融资约束 |
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| Research on the Impact of Digital Intelligence Integration Development on Investment Efficiency of Physical Enterprises |
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| Abstract:Take China’s A-share physical listed companies from 2011 to 2020 as the research object, this paper uses the Richardson expected investment model to measure the investment efficiency of physical enterprises, and tests the impact of the digital intelligent integration development on the investment efficiency of physical enterprises, as well as the intermediary mechanism. Research has found that the digital intelligence integration development is beneficial for improving the investment efficiency of physical enterprises, and has a more prominent effect on improving underinvestment behavior. This effect has significant heterogeneity in the level of digital infrastructure and industrial heterogeneity; the digital intelligence integration can effectively solve the problem of information asymmetry in enterprises and financing constraints, thereby reducing the scale of inefficient investment in enterprises. In addition, both internal governance capabilities and market competition pressure of enterprises play a positive regulatory role in the process of promoting the efficiency improvement of enterprises investment through digital intelligence integration, while the pressure of negative media coverage plays a negative moderating role. |
| keywords:digital intelligence integration investment efficiency of physical enterprises information asymmetry financing constraints |
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