企业数字化转型与管理层年报语调管理

Enterprise Digital Transformation and Annual Report Tone Management

发展数字经济是国家把握新一轮产业科技革命的重大战略抉择,企业数字化转型的经济后果值得重点关注。本文基于2007-2021年A股上市公司样本,实证检验了企业数字化转型对管理层年报语调管理行为的影响。研究发现,企业数字化转型会促使管理层进行年报语调管理,该结论经过系列内生性讨论和稳健性检验后仍然成立。机制检验表明,融资约束和业绩波动压力是数字化转型促使管理层年报语调管理的主要作用路径。进一步区分转型投入成本,研究发现在转型投入成本较少的企业中,融资约束是数字化转型促进年报语调管理的主要机制;而在转型投入成本较多的企业中,业绩波动压力则是主要机制。经济后果检验发现,管理层通过年报语调管理获得了更多融资,实现了缓解融资约束和业绩波动压力的目的。最后检验不同维度数字化转型的异质性作用发现,转型前期的战略引领与中期的转型投入会显著促使管理层进行年报语调管理,而后期技术成果转化则不会显著影响年报语调管理。

Based on the sample of A-share listed companies from 2007 to 2021,it is found that the digital transformation of enterprises will promote the management to manage the tone of annual reports.The mechanism test shows that financing constraints and performance fluctuation pressure are the main action path of digital transformation to promote the management’s annual report tone management.Further distinguishing the transformation input costs,the study finds that in the enterprises with less transformation input costs,financial constraints are the main mechanism for digital transformation to promote the annual report tone management;However,in enterprises with high transformation input costs,the pressure of performance fluctuation is the main mechanism.The economic consequences test finds that the management obtains more financing through the tone management of annual reports.Finally,we find that the strategic guidance in the early stage of transformation and the transformation input in the middle stage will significantly promote the management to conduct annual report tone management,while the transformation of technological achievements in the late stage will not.