Abstract
As the flow of financial capital continues to expand, China's domestic non-financial enterprises have shifted virtual to real to a certain extent and have deepened the degree of digital transformation. In October 2022, China put forward a strategic plan to accelerate the construction of "Digital China", and promote enterprise restructuring through improving digital transformation. This paper explores the impact of enterprise digital transformation on the investment structure of Chinese A-share-listed non-financial enterprises in Shanghai and Shenzhen, taking the A-share-listed non-financial enterprises in Shanghai and Shenzhen from 2011 to 2021 as the research sample. The empirical analysis finds that enterprise digital transformation improves the investment structure of enterprises and promotes enterprises to "shift from virtual to real". Based on this analysis, a heterogeneity analysis is conducted, and it is found that under different internal environments, such as the nature of different shareholdings, the influence of enterprise digital transformation on enterprise investment structure is different.
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