数字化转型能否缓解股价延迟？来自中国的证据*

IF 1.8 4区经济学 Q2 BUSINESS, FINANCE Asia-Pacific Journal of Financial Studies Pub Date : 2024-07-23 DOI:10.1111/ajfs.12489

Panpan Feng, Jiangwu Pang, Seongil Jeon

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引用次数: 0

摘要

本研究利用 2009 年至 2021 年中国 A 股上市公司的数据，探讨企业数字化转型如何影响股价延迟。我们发现，实施企业数字化转型能显著缓解股价延迟。机理分析表明，在信息透明度高、内部控制健全的企业中，企业数字化转型能显著缓解股价延迟。异质性分析表明，数字化转型对股价延迟的缓解作用对于非国有企业和行业竞争激烈的企业更强。本研究为缓解股价延迟，从而提高资本市场定价效率提供了有价值的启示。

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Does Digital Transformation Alleviate Stock Price Delays: Evidence from China*

This study uses data from Chinese A-share listed firms from 2009 to 2021 to explore how enterprise digital transformation affects stock price delays. We find that implementing enterprise digital transformation significantly alleviates stock price delays. The mechanism analysis shows that enterprise digital transformation significantly alleviates stock price delays in enterprises with high information transparency and robust internal control. Heterogeneity analysis indicates that digital transformation's alleviating effect on stock price delays is stronger for non-SOEs and enterprises with high industry competition. This study provides valuable insights into alleviating stock price delays, thus enhancing capital market pricing efficiency.

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