摘要
大数据与实体经济的深度融合,正在深刻改变企业的投资决策和战略布局.我国上市公司普遍存在过度投资行为,探讨大数据应用对企业过度投资的影响,具有重要的理论价值与现实意义.以2010—2023年中国A股上市公司为研究样本,从投融资视角考察大数据应用对企业过度投资的影响及内在机理.实证发现,大数据应用能够抑制企业过度投资,经一系列稳健性检验后仍然成立;路径分析表明,大数据应用主要是通过缓解融资约束、促进脱虚向实这两条路径抑制企业过度投资;异质性分析发现,在东西部地区、高科技行业、非国有企业、技术密集型企业中,大数据应用对过度投资的抑制效果更明显.研究揭示了大数据应用对企业过度投资的抑制作用,为推动企业大数据赋能、优化投资决策提供理论借鉴和经验参考.
The in-depth integration of big data and the real economy is ongoingly and profoundly transforming corporate investment decisions and strategic layouts.Corporate over-investment is prevalent among Chinese listed companies,and exploring the impact of big data applications on corporate over-investment holds important theoretical value and practical significance.Using a sample of Chinese A-share listed companies in Shanghai and Shenzhen from 2010 to 2023,this study examines the impact and underlying mechanisms of big data applications on corporate over-investment from the perspective of investment and financing.The empirical findings reveal that big data applications significantly inhibit corporate over-investment,and this conclusion remains robust after a series of robustness tests.Path analysis demonstrates that big data applications primarily curb over-investment through two channels:alleviating financing constraints and promoting the shift from virtual to real economy.Heterogeneity analysis further shows that the inhibitory effect of big data applications is more pronounced in eastern and western regions of China,high-tech industries,non-state-owned enterprises,and technology-intensive enterprises.This study uncovers the inhibitory role of big data applications in corporate over-investment,providing theoretical insights and practical empirical references for promoting enterprise empowerment through big data and optimizing investment decisions.
作者
胡元林
周琪
朱雁春
HU Yuanlin;ZHOU Qi;ZHU Yanchun(Faculty of Management and Economics,Kunming University of Science and Technology,Kunming 650500,China)
出处
《昆明理工大学学报(自然科学版)》
北大核心
2025年第6期178-189,共12页
Journal of Kunming University of Science and Technology(Natural Science)
基金
国家自然科学基金项目(72262022)
教育部人文社会科学研究规划基金项目(22YJA630030)。
关键词
大数据应用
过度投资
融资约束
脱虚向实
big data applications
over-investment
financing constraints
shift from virtual to real economy
