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March 30, 2026Discrete Dynamics in Nature and SocietyOpen Access

Firm Digital Transformation and Investment Efficiency: Evidence From China

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Authors

MWMaoguo WuShanghai UniversityTZTianxiao ZhuShanghai University

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Implication

Analysis shows digital transformation improves capital allocation efficiency, indicating its impact on financial constraints in firms.

Key Points

  • This research examines how digital transformation affects investment efficiency in firms amid capital constraints.
  • Analyzed data from 26,008 A-share listed companies in China from 2008 to 2021.
  • Explored mechanisms linking digital transformation with investment efficiency.
  • Assessed moderating effects of financing channel heterogeneity.
  • Digital transformation reduces overinvestment and increases investment efficiency.
  • Increases financial constraints through higher period expense ratios and lower short-term performance.
  • Effects are less pronounced in state-owned and bank-affiliated enterprises.

Cite This Study

Wu et al. (2026) studied this question.

synapsesocial.com/papers/69c9c5a4f8fdd13afe0bda2bhttps://doi.org/10.1155/ddns/1987061
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  1. 1Organizing for Innovation in the Digitized World2012 · 2,462 citations
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