Abstract: Taking the A-share listed companies in Shanghai and Shenzhen stock markets from 2011 to 2018 as samples, this paper explores the impact of the development of digital economy on the efficiency of labor investment. The findings show that the development of digital economy can effectively improve the efficiency of corporate labor investment. The results of the research on the influence path show that the development of digital economy can improve the efficiency of corporate labor investment by leading the enterprises to optimizing the structure of human capital and weakening the power of the management. Then, it further explores the heterogeneity of the relationship between the development of the digital economy and the efficiency of corporate labor investment from the three aspects of labor intensity, property rights and external institutional environment. The results indicate that the development of digital economy has a stronger effect on the improvement of labor investment efficiency of the enterprises with higher labor intensity, that the development of digital economy has significantly improved the labor investment efficiency of the state-owned enterprises with over-investment in labors and the private enterprises with underinvestment in labors, and that less government intervention and a good legal environment are important basic conditions for the development of digital economy to play a role in improving the efficiency of labor investment in enterprises.

Key words: development of digital economy, efficiency of labor investment, structure of human capital, power of management