Enterprise investment in the era of digital finance: Information transparency and investment efficiency analysis

Using data from 3,259 listed companies spanning from 2012 to 2023 as a sample, this study explores the relationship between digital financial transformation, information transparency, and accounting information comparability. The research findings indicate that both digital financial transformation and information transparency significantly enhance accounting information comparability. Management costs play a mediating role between digital financial transformation and accounting information comparability. Furthermore, compared to loss-making enterprises, the digital financial transformation of profitable enterprises has a more pronounced effect on improving accounting information comparability.