Research on the Impact of Digital Transformation on Enterprise Investment Efficiency: The Mediating Effect of Financing Constraints

With the development of digital technology, digital transformation can reduce information asymmetry, ease corporate financing constraints, and provide management with richer information resources. This paper takes Chinese A-share listed companies as samples from 2013-2022, and empirically explores the specific impact of digital transformation on enterprise investment efficiency based on the theories of principal-agent, financing constraints, and enterprise life cycle, and concludes that: firstly, digital transformation reduces the inefficient investment; secondly, it improves the investment efficiency by alleviating the financing constraints; thirdly, it has a more notable influence on the firms in growth period and maturity, and is insignificant in the decline period; and fourthly, it has a stronger effect on the investment efficiency of SOEs than that of non-SOEs. It has a stronger effect on the investment efficiency of SOEs than that of non-SOEs. This study aims to provide reference for enterprise digital transformation.