【摘要】 随着数字技术和普惠金融理念的不断融合，数字普惠金融已成为时代发展趋势，要求企业优化资源配置，强化精准投入、精准作业、精准评价。选取2011—2020年沪深A股上市公司数据，实证检验数字普惠金融对上市公司非效率投资行为的影响及其传导机制。研究表明：数字普惠金融对公司非效率投资行为具有抑制作用；“数字普惠金融-融资约束-投资过度-公司投资效率”的传递路径有效，揭示了数字普惠金融对公司非效率投资的作用机理。研究结果不仅为非效率投资与数字普惠金融关系的后续研究提供了思路，而且能够为政府相关部门健全有中国特色的数字普惠金融体系，引导企业理性投资，促进企业持续健康成长提供决策参考，有力推动我国经济高质量发展。更多还原

【Abstract】 With the continuous integration of digital technology and the concept of inclusive finance, digital inclusive finance has become the development trend of the times, requiring enterprises to optimize resource allocation and strengthen accurate investment, operation and evaluation. This paper selects the data of A-share listed companies in Shanghai and Shenzhen from 2011 to 2020 to empirically test the impact of digital inclusive finance on the inefficient investment behavior of listed companies and its transmission mechanism. The research results show: 1. Digital inclusive finance could inhibit the inefficient investment behavior of companies; 2. The transmission path of “digital inclusive finance—financing constraints—over investment—corporate investment efficiency” was effective, which revealed the action mechanism of digital inclusive finance on corporate inefficient investment. The research results not only provide ideas for the follow-up research on the relationship between inefficient investment and digital inclusive finance, but also provide decision-making reference for concerned government departments to improve the digital inclusive financial system with Chinese characteristics, guide enterprises to invest rationally, promote the sustainable and healthy growth of enterprises, and effectively promote the high-quality development of China’s economy.更多还原