【摘要】 提升资本配置效率是企业实现高质量发展的关键路径，而数字化转型则是当今企业发展的必然趋势。如何利用数字化转型提升资本配置效率已成为当前研究的焦点。以2011—2021年沪深A股上市公司为研究对象，构建实证模型检验数字化转型对资本配置效率的影响及其路径。结果表明，企业数字化转型能显著提升资本配置效率，而公司治理水平在两者之间发挥了显著的部分中介作用。异质性分析显示，在高管数字素养水平较高的企业、大规模企业和代理问题较轻的企业中，数字化转型对资本配置效率的促进作用更明显。进一步分析发现，数字化转型能够通过提升资本配置效率来实现企业高质量发展。研究结论厘清了数字化转型对资本配置效率的影响及其机制，为企业进行数字化转型提供了动力和依据。更多还原

【Abstract】 Improving capital allocation efficiency is key for enterprises to achieve high-quality development, and digital transformation is an inevitable step for enterprises today. Enhancing capital allocation efficiency through digital transformation has become a focus of current research. Analyzing data from listed companies on the Shanghai and Shenzhen stock exchanges from 2011 to 2021, this paper constructs an empirical model to determine the impact of digital transformation on capital allocation efficiency and the underlying mechanisms. The results show that corporate digital transformation can significantly enhance capital allocation efficiency, and corporate governance level plays a significant partial mediating role between the two. Heterogeneity analysis shows that in enterprises with high executive digital literacy, those that are large-scale, and those with fewer agency problems enterprises, the promotion of capital allocation efficiency by digital transformation is more pronounced. Further analysis shows that digital transformation’s positive effect on capital allocation efficiency can facilitate the high-quality development of enterprises. The research conclusion elucidates the effects and mechanisms of digital transformation on capital allocation efficiency, providing motivation and guidance for enterprises to carry out digital transformation.更多还原