数字化转型的治理效应——基于企业信息披露违规的视角

Governance Effects of Digital Transformation:From the Perspective of Corporate Information Disclosure Violations

信息是投资者进行投资决策的重要依据,提高信息披露质量是资本市场高质量发展的应有之策。在数字经济时代,数字化转型能否发挥治理效应,进而规制信息披露违规、助力资本市场深化改革、服务经济高质量发展成为学界关注的焦点问题。本文以2012—2021年我国沪深A股上市公司为研究对象,利用双向固定效应模型实证检验了数字化转型对企业信息披露违规的治理效应及其作用机制。结果表明:(1)数字化转型能够显著抑制企业信息披露违规,通过倾向得分匹配法、工具变量法、替代核心变量、滞后数据、控制高阶固定效应等检验,实证结果依旧稳健。(2)机制检验发现,数字化转型能够通过提高会计信息透明度和内部控制质量发挥积极的治理效应,进而抑制企业信息披露违规。(3)异质性分析发现,数字化转型在制造业企业、非国有企业、独立董事规模较大的企业中,对信息披露违规的治理效应更为显著。本研究不仅丰富了数字化转型和信息披露违规的相关文献,还为进一步推动数字治理、维护资本市场秩序、构建数字经济体系提供了经验参考。

Due to the impact of global epidemic and the subsequent influence of economic crisis,the world economy continues to go down,and China’s capital market faces multiple pressures such as demand contraction and supply shock.In order to improve the efficiency of China’s capital market,relevant departments have issued a series of policies and regulations on information disclosure.In this context,whether corporate information disclosure is timely,complete and compliant is directly related to the reform process and quality of China’s capital market.However,in the wave of digital economy,there is little literature on digital transformation and corporate disclosure violations,especially the lack of research on the governance effect of digital transformation from the perspective of disclosure violation.This paper adopts the CSMAR database and draws on Wu et al.and Zhao et al.to use python to count the word frequencies of digital transformation keywords in annual reports.It is found that digital transformation significantly inhibits corporate disclosure violations,and the empirical results remain robust through tests such as propensity score matching method,instrumental variable method,alternative core variables,and lagged data.The channel test shows that digital transformation exerts a positive governance effect by improving the transparency of accounting information and the quality of internal control,which suppresses corporate disclosure violations.Further research shows that the governance effect of digital transformation on disclosure violations is more significant in manufacturing firms,non‐state‐owned firms,and firms with more independent directors.This paper expands previous literature from the following aspects.First,it expands research related to digital transformation and disclosure violations from a new perspective,and explores the mechanism of the governance effect of digital transformation on corporate disclosure violations.Second,different from existing corporate violations or operational and trading violations,this paper focuses corporate disclosure violations and further analyses the mechanism of the impact of digital transformation on corporate disclosure violations based on two channels of accounting information transparency and internal control quality.This study enriches literature on digital transformation and disclosure violations and reveals the channels of digital transformation’s impact on corporate disclosure violations.The findings not only provide new empirical evidence for enterprises that are currently undergoing transformation,but also provide empirical reference for further promoting digital governance,maintaining the order of the capital market,and constructing a digital economic system.