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Can the development of digital finance and information transparency improve enterprise investment efficiency?

Author

Listed:
  • Ren, Yu
  • Liu, Xiongfei
  • Zhu, Yi

Abstract

This study analyzes data from A-share listed companies from 2012 to 2022 to investigate the impact of digital finance development and information transparency on corporate investment efficiency. Findings indicate that digital finance development and information transparency can enhance corporate investment efficiency. Moreover, financing constraints play a significant moderating role in the relationship between digital finance development and corporate investment efficiency. Finally, the impact of digital finance development on the investment efficiency of state-owned and non-state-owned enterprises varies, with a more pronounced effect on state-owned enterprises.

Suggested Citation

  • Ren, Yu & Liu, Xiongfei & Zhu, Yi, 2025. "Can the development of digital finance and information transparency improve enterprise investment efficiency?," Finance Research Letters, Elsevier, vol. 73(C).
    • Handle: RePEc:eee:finlet:v:73:y:2025:i:c:s154461232401626x
    DOI: 10.1016/j.frl.2024.106597
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