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

Yu Ren, Xiongfei Liu and Yi Zhu

Finance Research Letters, 2025, vol. 73, issue C

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.

Keywords: Digital finance; Information transparency; Investment efficiency (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:73:y:2025:i:c:s154461232401626x

DOI: 10.1016/j.frl.2024.106597

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