【摘要】 数字化转型是制造业企业获得持续竞争优势的关键路径，其已逐渐成为微观经济主体实现高质量发展的必然选择。以2016—2022年间长三角区域制造业上市公司为研究对象，实证研究数字化转型对企业投资效率的影响，检验管理层权力与信息不对称程度的作用机制，并考察上述影响在不同特征条件下的异质性。研究发现，数字化转型显著提高制造业企业投资效率，具体表现为抑制过度投资和缓解投资不足两方面，数字化转型能够有效制约管理层权力、降低信息不对称程度，进而提高制造业企业整体投资效率。对于高融资约束、高市场化水平与成熟期的制造业企业，数字化转型对投资效率的提升作用更为显著。更多还原

【Abstract】 Digital transformation of manufacturing enterprises is a key path to obtain sustainable competitive advantage, and it has gradually become an inevitable choice for microeconomic subjects to achieve highquality development. Taking listed companies in the manufacturing industry in the Yangtze River Delta from 2016 to 2022 as the research object, the study empirically investigates the effect of digital transformation on the investment efficiency of enterprises, examines the mechanism of management power and the degree of information asymmetry, and examines the heterogeneity of the above effects under different characteristics. It is found that digital transformation significantly improves the investment efficiency of manufacturing enterprises, which is specifically manifested in suppressing over-investment and alleviating under-investment.Digital transformation can effectively constrain the power of management, reduce the degree of information asymmetry, and then improve the overall investment efficiency of enterprises. The effect of digital transformation on investment efficiency is more significant for firms with high financing constraints, firms with high marketisation levels and mature firms. The findings of this paper help to accurately assess the economic effects of digital transformation and promote enterprises to achieve the dual goals of efficiency change and value growth.更多还原