企业数字化转型对劳动投资效率的影响

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中图分类号：F425 文献标志码：A 文章编号：1003-5168（2025）19-0133-09

DOI： 10.19968/j.cnki.hnkj.1003-5168.2025.19.025

TheImpactofEnterpriseDigitalTransformationonLabor Investment Efficiency

HAN Xiaoqi1TENGFei²WANG Yi （1.Liming Research Institute of Chemical Industry Co.，Ltd.，Luoyang 471Ooo， China; 2.School of Business， Zhengzhou University of Aeronautics， Zhengzhou 45oo46， China; 3.School of Mechanical Engineering，Zhengzhou University of Aeronautics，Zhengzhou 45oo46， China）

Abstract： [Purposes] Based on the data of A-share listed companies from 2010 to 2O21，this study investigates the impact mechanism of corporate digital transformation on labor investment efficiency.[Methods] Using instrumental variables，variable substitution，placebo tests，and controlling for individual fixed effects，this paper systematically analyzes the impact of corporate digital transformation on labor investment eficiency.[Findings] The results indicate that corporate digital transformation significantly improves labor investment efficiency，and this finding remains robust after a series of robustness checks. [Conclusions] Regarding the mechanism，digital transformation enhances labor investment efficiency primarily by mitigating internal agency conflicts and alleviating external financing constraints. In terms of practical effects，the improvement inlabor investment efficiency driven bydigital transformation mainly manifests as effectively curbing over-hiring and reducing under-hiring.

Keywords： corporate digital transformation; labor investment eficiency；agency costs; financing constraints;influence mechanism

0 引言

近年来，数字技术发展呈现加速态势。（剩余9456字）