海南大学学报(社会科学版)

企业数字化发展已经在逐渐改变我国企业的治理模式、管理方式以及运营和决策机制。在此背景下，基于我国A股上市公司2013—2018年的实体经济数据，研究企业数字化发展对企业非效率投资决策的影响。结果发现：（1）企业数字化程度的提升能有效矫正企业的非效率投资，主要表现为缓解企业的过度投资。（2）企业数字化程度的提升矫正企业非效率投资的影响机制在于，其通过提升企业的会计信息质量和降低所有者和经营者之间的代理成本，进而矫正了企业的非效率投资。（3）进一步的研究发现，企业数字化发展对非效率投资的矫正作用在聘请了非权威性审计机构的企业和管理层未实施股权激励的企业更为显著。这些结论对于推动我国实体产业数字化发展以及提高企业的投资效率具有一定的参考价值。

The development of enterprise digitalization has gradually changed the governance mode, the management mode, the operation and decision-making mechanism of Chinese enterprises. Based on the real economy data of China's A-share listed companies from 2013 to 2018, this paper studies the impact of enterprise digitalization on the inefficient investment decisions. The results show:(1) The promotion of enterprise digitalization can effectively rectify the inefficient investment of enterprises, mainly alleviating their overinvestment.(2) In terms of the influence mechanism, the promotion of enterprise digitalization can improve the quality of accounting information, reduce the agency cost between owners and managers, and thus rectify the inefficient investment of enterprises.(3) Further research shows that the rectifying influence of enterprise digitalization on inefficient investment is more remarkable in the enterprises that employ the nonauthoritative audit institutions and the enterprises without equity incentives. These conclusions have a certain reference value for promoting the digital development of China's real economy and improving the investment efficiency of enterprises.