Does the Digital Transformation of Enterprises Mitigate Stock Price Crash Risk?

Abstract

Abstract: The digital transformation of an enterprise will inevitably affect its capital market performance while reshaping its business model and improving its business performance. Taking the data of Shanghai and Shenzhen A-share listed companies from 2007 to 2021 as samples, this paper constructs the key proxy variable of enterprises' digital transformation degree through Python text analysis method, and empirically tests the impact of enterprises' digital transformation on the risk of the stock price crash. It is found that enterprises' digital transformation can significantly restrain the crash risk of the stock price. The mechanism test shows that the digital transformation can reduce the crash risk of the stock price by alleviating information asymmetry and improving enterprises' performance. The further research finds that the impact of enterprises' digital transformation on the crash risk of the stock price is more significant in the samples of non-state-owned enterprises and a high development level of external digital environment. The research of this paper offers new empirical evidence for the impact of the digital transformation on the capital market, and also provides policy enlightenment for preventing financial risks and maintaining market stability.

Key words: Digital Economy, Enterprise Digital Transformation, Information Asymmetry, Crash Risk, Financial Stability

摘要： 企业数字化转型在重塑商业模式的同时也会影响其资本市场表现。本文以沪深A股上市公司2007—2021年的数据为样本,通过Python文本分析方法构建了企业数字化转型这一关键变量,实证检验企业数字化转型对股价崩盘风险的影响。研究发现:企业数字化转型能够显著抑制股价崩盘风险;机制检验发现,企业数字化转型能够通过缓解信息不对称、改善企业基本面来抑制股价崩盘风险;拓展性研究发现,企业数字化转型对股价崩盘风险的影响在非国有企业及外部数字环境发展水平较高的企业中更为显著。本文的研究为数字化转型对资本市场的影响提供了新的经验证据,也为防范金融风险、维护市场稳定提供了政策启示。

关键词: 数字经济, 企业数字化转型, 信息不对称, 崩盘风险, 金融稳定

CLC Number:

F832.5

LI Hongyin. Does the Digital Transformation of Enterprises Mitigate Stock Price Crash Risk?[J]. Collected Essays on Finance and Economics, 2023, 39(7): 58-67.

李宏寅. 企业数字化转型能抑制股价崩盘风险吗？[J]. 财经论丛, 2023, 39(7): 58-67.

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