Journal of Guangxi Teachers Education University (Philosophy and Social Sciences Edition) ›› 2025, Vol. 61 ›› Issue (4): 100-121.doi: 10.16088/j.issn.1001-6597.2025.04.009

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Can Digital Transformation Stimulate Private Investment Vitality?—An Analysis and Empirical Test Based on the New Classical Inframarginal Framework

CHEN Dong1, LIU Jun-zhe2, ZHAO Chun-yan2   

  1. 1. Yangtze River Institute for Industrial Development, Nanjing University, Nanjing 210093, China;
    2. Business School, Nanjing University, Nanjing 210093, China
  • Received:2025-03-06 Online:2025-07-05 Published:2025-06-23

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Abstract: This study, based on the data from the 14th Chinese Private Enterprise Survey, investigates the impact of digital transformation on the scale and expectations of new private investments and its mechanisms. The findings reveal that digital transformation significantly promotes the scale and expectations of new investments in private enterprises. These conclusions remain valid after a series of robustness checks. Mechanism analysis indicates that digital transformation drives new investments internally by enhancing entrepreneurs’ confidence and opportunity awareness, while externally by reducing institutional transaction costs and alleviating repayment pressures. Heterogeneity tests demonstrate stronger effects among larger, mature firms outside national big data pilot zones and non-core technology industries. Performance tests confirm that digital transformation drives revenue growth through new investments. The results provide policy support and empirical evidence for governments to activate private investment in the digital economy era.

Key words: digital transformation, private enterprises, private economy, private investment, Super-Marginal Analysis

CLC Number:  F492
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