摘要
基于2010-2020年度上市企业样本,本文发现企业数字化转型能显著降低股价崩盘风险,其中的作用机制在于数字化转型缓解了企业内部人的坏消息隐藏。围绕坏消息隐藏展开的横截面差异检验结果表明:数字化转型对股价崩盘风险的降低作用主要存在于信息环境不透明及治理水平较差的企业。此外,本文发现企业数字化转型也可以降低同行业内及供应链上企业的股价崩盘风险,产生正的外部性。本文提供了企业数字化转型降低自身股价崩盘风险及其溢出效应的经验证据,不仅从金融市场稳定视角丰富了数字化转型经济后果的相关研究,也对国家进一步推进企业数字化变革、建立防范金融风险的长效机制具有现实意义。
This study examines the effect of digital transformation on the stock price crash risk to shed light on the economic logic behind the digital strategy stimulating economic growth.Using a sample of Chinese list firms during 2010-2020,we find that the digital technology can reduce the firm’s crash risk,but also reduces the peer firms’crash risk.The mechanism tests show that digital technology can reduce the bad news withholding through which digital technology reduces crash risk.The cross sectional tests show that the baseline effect is more pronounced for firm with more opaque information environment and firms with weaker corporate governance.This study enriches the research related to digital transformation,and provides some insights for pushing digital revolution and preventing financial risk.
作者
马慧
陈胜蓝
Ma Hui;Chen Shenglan
出处
《会计研究》
CSSCI
北大核心
2022年第10期31-44,共14页
Accounting Research
基金
国家自然科学基金(72032003,72102166)
浙江省社科专项课题(21YJRC07ZD)的资助
关键词
数字化转型
股价崩盘风险
坏消息隐藏
溢出效应
Digital Transformation
Stock Price Crash Risk
Bad News Withholding
Spillover Effect
作者简介
通讯作者:陈胜蓝,chensh⁃englan@zjut.edu.cn
