数字化转型与股价崩盘风险

被引:55
作者
林川
机构
[1] 四川外国语大学国别经济与国际商务研究中心/国际金融与贸易学院
关键词
数字化转型; 股价崩盘风险; 资本市场; 数字经济; 信息披露;
D O I
暂无
中图分类号
F832.51 []; F49 [信息产业经济];
学科分类号
1201 ;
摘要
数字化转型是近年来中国企业进行战略转型的重要选择。本文以2014—2020年中国深沪主板上市公司为样本,实证检验了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有效抑制股价崩盘风险,即进行数字化转型以及数字化转型程度越高的企业,其股价崩盘风险越低。这一结论在控制了内生性与稳健性因素后依然成立。异质性检验发现,数字化转型对股价崩盘风险的影响在高制度环境地区、高社会责任企业、非国有企业以及非股价崩盘企业中表现得更为明显。影响机制检验发现,信息质量作为影响机制,在数字化转型与股价崩盘风险之间产生了部分中介效应。
引用
收藏
页码:47 / 57
页数:11
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