数字化转型对股价波动性的影响研究

The Impact of Digital Transformation on Stock Price

数字化转型已经成为市场经济发展的热点,能够对企业产生全方位影响,但数字化转型对资本市场的影响尚需探索。基于此,本文选取2003—2020年A股上市公司数据为样本,运用基准回归模型和中介效应模型检验企业数字化转型对股价波动性的影响。研究结果表明,企业数字化转型可以显著降低股价波动性,此外,研究发现融资约束在数字化转型和股价波动性之间扮演中介角色。进一步的异质性检验结果显示,非国有企业的数字化转型对股价波动性的降低效应更大。

Digital Transformation has become a hot spot in the development of market economy,which can have an all-round impact on enterprises,but the impact of digital transformation on capital market needs to be explored.Based on the data of a-share listed companies from 2003 to 2020,this paper uses the benchmark regression model and the intermediary effect model to test the impact of corporate digitization on stock price volatility.The results show that the digital transformation can significantly reduce the volatility of the stock price,and the financing constraints play an intermediary role between the digital transformation and the volatility of the stock price.Further heterogeneity test results show that the digital transformation of non-state-owned enterprises has a greater effect on reducing stock price volatility.