【摘要】 由投资趋同引发的产能过剩已成为中国经济当下亟待解决的顽疾，数字金融发展为抑制企业投资趋同行为、解决产能过剩问题提供新思路。文章采用2013—2019年A股传统制造业上市公司数据，实证检验数字金融对传统制造企业投资趋同行为的影响效应。研究发现，数字金融能够有效抑制传统制造企业的投资趋同行为，且对非国有企业和缺乏投资经验企业的投资趋同行为抑制作用更为显著。进一步分析发现，数字金融通过降低传统制造企业面临的市场环境不确定性从而抑制其投资趋同行为，数字金融同时会对传统制造企业的金融化投资趋同行为产生显著促进作用。更多还原

【Abstract】 Overcapacity caused by investment convergence has become a stubborn problem that needs to be solved urgently in the Chinese economy.The development of digital finance provides new ideas for curbing corporate investment convergence and solving the problem of overcapacity.This paper uses the data of A-share listed companies in the traditional manufacturing industry from 2013 to 2019 to empirically test the impact of digital finance on the investment convergence behavior of traditional manufacturing companies.The study found that digital finance can effectively inhibit the investment convergence behavior of traditional manufacturing enterprises, and the inhibition effect on the investment convergence behavior of non-state-owned enterprises and enterprises lacking investment experience is more significant.Further analysis finds that digital finance restrains the investment convergence behavior of traditional manufacturing enterprises by reducing the uncertainty of the market environment faced by them; at the same time, digital finance will significantly promote the financial investment convergence behavior of traditional manufacturing enterprises.更多还原