Abstract Under the background of China’s booming digital economy and the gradual elimination of demographic dividend, this paper takes Shanghai and Shenzhen A-share non-financial listed enterprises from 2012 to 2021 as the research object, and examines the governance mechanism of inefficient labor investment behavior from the perspective of corporate Digital transformation. The results show that Digital transformation can significantly improve enterprise labor investment efficiency, which is still true after several endogenous treatments and robustness tests; The mechanism test shows that Digital transformation can play an information effect and governance effect, mainly by improving the transparency of enterprise information and the quality of internal control, thereby improving the efficiency of enterprise labor investment; The heterogeneity analysis found that in non-state-owned enterprises, enterprises with high labor factor intensity, competitive industries and areas with poor labor rights protection environment, the effect of Digital transformation on improving enterprise labor investment efficiency was more obvious. The research conclusions provide new perspectives and empirical evidence for in-depth understanding of how digital technology enables high-quality development of real enterprises, enrich and expand relevant research on the economic effects of enterprises’ Digital transformation, and also provide useful policy enlightenment for further improving the efficiency of enterprises’ labor investment.
2023, Vol. 40 
