Institutional Investors' Site Visits and Corporate Digital Transformation

Abstract

Abstract: This study constructs a game model of institutional investors and corporate management regarding digital transformation from the perspective of dynamic games in capital markets. It uses Chinese listed companies as samples to empirically test the actual effects, mechanisms, and contextual conditions of institutional investors' on-site research on corporate digital transformation. The study finds that on-site research by institutional investors can play an information effect and governance effect, promoting corporate digital transformation by reducing financing constraints and increasing innovation investment levels. Further analysis reveals that in companies with lower quality internal controls and information disclosure, the positive impact of institutional investors' site visits on corporate digital transformation is more significant. There is a significant positive correlation between different types of institutional investors' site visits and the depth of site visits with corporate digital transformation. The conclusions clarify the role of institutional investors' site visits in the dynamic games of the capital market, providing practical insights for eliminating information asymmetry and agency problems, thereby promoting corporate digital transformation.

Key words: Institutional Investors, Site Visits, Digital Transformation, Dynamic Game

摘要： 本文基于资本市场动态博弈视角,构建机构投资者与企业管理层有关数字化转型的博弈模型,实证检验机构投资者实地调研影响企业数字化转型的实际效果、作用机制与情境条件。结果发现,机构投资者实地调研发挥了重要的信息效应与治理效应,通过降低融资约束程度、提高创新投入水平进而促进企业数字化转型。拓展分析发现,在信息披露质量和内部控制质量较低的企业中,机构投资者实地调研对企业数字化转型的正向影响更为显著。不同类型机构投资者实地调研以及实地调研深度均与企业数字化转型具有显著的正相关关系。本文研究结论明晰了机构投资者实地调研在资本市场动态博弈中扮演的角色,为缓解信息不对称和代理问题、促进企业数字化转型发展提供了重要启示。

关键词: 机构投资者, 实地调研, 数字化转型, 动态博弈

CLC Number:

F270.7

PENG Cheng, CHEN Yuansheng. Institutional Investors' Site Visits and Corporate Digital Transformation[J]. Collected Essays on Finance and Economics, 2024, 40(12): 92-101.

彭程, 陈元胜. 机构投资者实地调研与企业数字化转型[J]. 财经论丛, 2024, 40(12): 92-101.

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