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在新一轮信息技术革命的创新驱动下,数字要素作为数字经济的新引擎,正在系统性重塑企业原有的资源投放与配置方式,对企业长期价值成长和全面构建发展新优势具有重要意义。基于2007—2023年中国沪深A股上市公司数据集,考察了数字化转型对企业投资效率的影响。研究发现,数字化转型能够显著提升企业的投资效率,经过稳健性及内生性检验后其依然成立。其中,融资约束缓解、运营成本控制和效率提升是实现优化作用重要的机制路径。进一步研究发现,这种影响由于企业属性和区位因素而呈现较强的异质性,并且企业数字化转型通过改善投资效率能够有效促进企业自身数字技术创新能力的提高。为深入理解企业数字化转型的经济绩效提供了微观经验证据,可以为新发展格局下全面推进企业数字化变革提供一定的理论指引和决策参考。

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