关键词: 算力, 投资效率, 风险感知, 资源配置

Abstract: Against the backdrop of the continuous deepening of the digital economy and the accelerated advancement of a new round of technological transformation, computing power, as a strategic foundational resource, is increasingly becoming an important force in shaping firms investment efficiency. Using Chinese A-share listed firms from 2008 to 2024 as the research samples, this paper constructs a difference-in-differences model to systematically examine the impact of deploying corporate computing power on investment efficiency. The results show that deployment of corporate computing power significantly improves investment efficiency. Mechanism tests indicate that deployment of corporate computing power improves firms investment efficiency mainly by enhancing external scenario identification capabilities and optimizing internal resource allocation capabilities. Specifically, it strengthens firms perception of economic policy uncertainty, increases analyst attention, reduces cost rigidity, and improves internal control quality. Heterogeneity analysis reveals that deployment of enterprise computing power improves investment efficiency for firms with different ownership structures and at different growth stages. However, the extent to which its value is realized is influenced by firms financial capacity and application scenarios, with more pronounced effects seen in firms with sufficient cash flow and those in digital economy-related industries. This paper extends the empirical evidence on the microeconomic effects of computing power resources from the perspective of firms investment efficiency, and it also provides practical implications for firms to optimize investment decisions and improve capital allocation efficiency.

Key words: Computing Power, Investment Efficiency, Risk Perception, Resource Allocation