数字化转型有助于缓解企业股价崩盘风险吗?

Does Digital Transformation Affect the Risk of the Collapse of Share Price?

数字化转型对企业在新一轮产业革命中高质量发展具有重要意义。以2008~2020年沪深A股上市公司的数据为样本,实证检验企业数字化转型与股价崩盘的内在机制。研究发现:数字化转型与股价崩盘显著负相关,且财务报告透明度对两者的关系具有调节作用,高透明度的财务报告加强了数字化转型对股价崩盘的影响,进一步验证了数字化转型通过影响管理层的代理问题可缓解股价崩盘风险。因此,企业应重视数字化转型对股价稳定的积极作用。

Digital transformation is of great significance for enterprises to achieve overtaking on curves and promote high-quality economic development in the new round of industrial revolution.Using the A-share listed companies in Shanghai and Shenzhen from 2008 to 2020 as the research sample,this paper empirically tests the impact of digital transformation of enterprises on the risk of stock price crash.The study found that digital transformation is significantly negatively correlated with stock price crash risk,and financial reporting transparency has a moderating effect on the relationship between the two.High financial reporting transparency strengthens the impact of digital transformation on stock price crash risk.Further validation proves that digital transformation affects stock price crash risk by mitigating management agency issues.Therefore,enterprises should pay attention to the positive effect of digital transformation on stock price stability.