企业数字化转型能抑制股票错误定价吗

Can Corporate Digital Transformation Curb Stock Mispricing?

解决股票错误定价问题是资本市场健康运行的重要前提。以2010—2021年中国A股上市公司为样本,分析了企业数字化转型对股票错误定价的影响。研究发现,企业数字化转型能抑制股票错误定价。作用机制检验发现,企业数字化转型能降低信息不对称和减少投资者的非理性行为,从而能抑制股票错误定价。调节效应分析发现,媒体报道多、公众关注度高能增强企业数字化转型对股票错误定价的抑制作用。异质性检验发现,数字化转型对股票错误定价的抑制作用在机构投资者持股比例高、管理层数字战略引领水平高的企业中更显著。为此,要建立健全推进企业数字化转型的长效帮扶机制。

Solving the problem of mispricing is an important prerequisite for the healthy operation of China's capital market.Taking China's A-share listed companies from 2010 to 2021 as samples,this paper analyzes the impact of enterprise digital transformation on stock mispricing.The findings show that the digital transformation of enterprises can effectively curb stock mispricing.The mecha-nism test reveals that the digital transformation of enterprises can reduce information asymmetry and alleviate investor irrationality,thereby helping to curb stock mispricing.The analysis of the regulatory effects reveals that media coverage and high public attention can enhance the inhibitory effect of en-terprise digital transformation on stock mispricing.The heterogeneity test reveals that the inhibiting ef-fect of digital transformation on stock mispricing is more significant in enterprises with a higher pro-portion of institutional investors'shareholding and a higher level of digital strategy leadership in the management.Therefore,it is necessary to establish,improve and promote the long-term supporting mechanism for the digital transformation of enterprises.