数字普惠金融发展能提升资本市场的股价信息含量吗?

Can Development of Digital Inclusive Finance Improve Stock Price Informativeness in Capital Market?

数字普惠金融作为金融与科技融合的新兴业态,对资本市场具有重要影响。本文基于上市企业样本和北京大学数字普惠金融指数,探讨数字普惠金融的发展对股价信息含量的影响。研究发现:数字普惠金融的发展能降低股价非同步性,提升股价信息含量,且该作用对于小规模企业、所在地的传统金融禀赋基础较好和传统普惠金融发展较好的企业更为显著。中介效应检验表明:数字普惠金融的发展能通过提高市场流动性以及信息透明度来提升股价信息含量。以未来盈余反应系数衡量股价信息含量和采取工具变量法检验后,结论仍然成立。基于此,应继续提升数字普惠金融的覆盖广度和使用深度,推动传统金融和数字金融协同发展,同时也不能忽略数字金融的潜在风险。

Digital inclusive finance,as an emerging industry that integrates finance and technology,has an important impact on the capital market.Based on the sample of listed companies and the digital inclusive finance index of Peking University,this paper discusses the influence of the development of digital inclusive finance on stock price informativeness.The research finds that the development of digital inclusive finance can reduce the dyssynchrony of stock price and improve stock price informativeness,and this role is more significant for small-scale enterprises and local enterprises with good foundation of traditional financial endowment and better development of traditional inclusive finance.The intermediary effect test shows that the development of digital inclusive finance can improve stock price informativeness by improving market liquidity and information transparency.The conclusion is still true after measuring the stock price informativeness according to the future surplus reaction coefficient and adopting the instrumental variable method.Based on this,it is necessary to continue to improve the coverage breadth and use depth of digital inclusive finance,promote the coordinated development of traditional finance and digital finance,and the potential risks of digital finance should not be ignored.