企业数字化战略承诺与股价崩盘风险

Enterprise Digital Strategic Commitment and Stock Price Crash Risk

数字化战略承诺刻画了企业数字化建设的决心与责任,是决定其后续行为的底层逻辑。本文选取2009-2018年中国沪深A股上市公司为样本,实证分析企业数字化战略承诺对股价崩盘风险的影响方向与作用机制。研究发现,企业数字化战略承诺能够有效降低股价崩盘风险,该结论在经过一系列稳健性检验后仍成立。作用机制分析表明,企业数字化战略承诺可以通过治理赋能、信息传递两大机制降低股价崩盘风险。进一步研究显示,数字化战略承诺有助于增进企业的实质性转型行为,推动数字化转型落地。从治理视角来看,对于高管超额在职消费较高、战略激进程度较高的企业而言,企业数字化战略承诺降低股价崩盘风险的作用更加明显;从信息视角来看,对于资本市场信息效率较低、媒体关注较少的企业,企业数字化战略承诺能够更为有效地减少股价崩盘风险;从外部环境来看,企业所在地区法律环境较好时,企业数字化战略承诺对股价崩盘风险的抑制作用更为明显。本文揭示了数字化战略承诺的重要价值,为减少金融市场波动、促进经济高质量发展提供了新思路。

Digital strategic commitment describes the determination and responsibility of the enterprise's digital construction,which is the underlying logic that determines its subsequent behavior.Based on the sample of Chinese Shanghai-Shenzhen A-share listed companies from 2009 to 2018,the paper empirically analyzes the direction and mechanism of influence of enterprise digital strategic commitment on stock price crash risk.The results show that digital strategic commitment can effectively reduce the risk of stock price crash,and this conclusion is still valid after a series of robustness tests.The mechanism analyses show that digital strategic commitment can reduce the risk of stock price crash through governance empowerment and information transmission.Further research shows that digital strategic commitment can help enhance the substantive transformation behavior of enterprises and promote the implementation of digital transformation.From the perspective of governance,for enterprises with higher excess on-the-job consumption of executives and a higher degree of strategic activism,the role of enterprise digital strategic commitment in reducing the risk of stock price crash is more obvious.From the perspective of information,for enterprises with lower information efficiency in the capital market and less attention from the media,enterprise digital strategic commitment can reduce the risk of stock price crash more effectively.From the perspective of external environment,when the local legal environment is better,the enterprise digital strategic commitment has a more obvious inhibitory effect on the risk of stock price crash.This paper reveals the important value of digital strategic commitment and provides new ideas for reducing financial market volatility and promoting high-quality economic development.