Can the Digital Economy Enhance the Investment Efficiency in The Manufacturing Industry?
Research Based on the Moderating Effect of the Market
DOI:
https://doi.org/10.54097/fbem.v11i2.12617Keywords:
Digital Economy, Investment Efficiency of Manufacturing Enterprises, Marketization.Abstract
This paper uses the A-share listed manufacturing companies in China from 2015 to 2020 as research samples, and explores the impact of the digital economy on the investment efficiency of manufacturing enterprises. In addition, this paper investigates the moderating effect of marketization on the relationship between the digital economy and investment efficiency of manufacturing enterprises. The research finds that the development of the digital economy can significantly promote the investment efficiency of manufacturing enterprises. The research conclusion remains valid even after a series of robustness tests. By introducing the moderating variable of the degree of marketization, it is found that the degree of marketization can have a positive moderating effect on the digital economy's promotion of the investment efficiency of manufacturing enterprises. Moreover, the study divided into groups of state-owned enterprises and non-state-owned enterprises and conducts further tests. The findings show that the effect of the digital economy on investment efficiency is more reflected in non-state-owned enterprises, and the moderating effect is also reflected in non-state-owned enterprises. The conclusion of the research has a policy reference value for playing the positive role of the digital economy, stimulating the development of the digital economy and promoting advanced manufacturing.
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