数字化转型对高管机会主义减持的影响研究

Research on the Impact of Digital Transformation on Executives’Opportunistic Stock Selling

数字技术深度融入实体企业会颠覆并重塑企业高管的行为逻辑。以高管机会主义减持为切入点,使用沪深交易所A股上市企业相关数据,实证考察数字化转型对高管机会主义减持的影响效应与作用机制。研究结果显示:数字化转型对高管机会主义减持具有显著正向影响,具体表现数字化转型提升了高管机会主义减持金额与次数;作用机制检验发现,数字化转型促使高管机会主义减持的主要路径在于加剧信息不对称和推高投资者情绪;进一步地,机构投资者、分析师以及新闻媒体均发挥积极的治理作用,数字化转型加剧高管机会主义减持的效应会随着机构投资者持股比例、分析师关注度以及媒体关注度的增加而有所减弱。研究结论有助于全面客观认知企业数字化转型的经济效应,为数字经济时代有效预防高管减持乱象,进而促进资本市场高质量发展提供相关政策建议:企业在推进数字化转型的同时也要强化内外部治理机制建设;政府监管部门要强化对企业数字化转型相关信息披露的监管,合理引导投资者情绪以及外部相关主体的治理积极性;投资者也要不断提升自身金融素养,避免盲目追求热点的非理性行为。

The deep integration of digital technology into physical enterprises will disrupt and reshape the behavioral logic of corporate executives.Starting from the perspective of executives’opportunistic stock selling,this study empirically examines the impact and mechanism of digital transformation on the opportunistic stock selling of senior executives using relevant data from A-share listed companies on the Shanghai and Shenzhen Stock Exchanges.The results indicate that digital transformation has a significant positive impact on executives’opportunistic stock selling,which shows that digital transformation improves the amount and frequency of executives'opportunistic stock selling.The mechanism test found that the main path for digital transformation to promote executives'opportunistic stock selling is to aggravate information asymmetry and boost investor sentiment;Further,institutional investors,analysts and news media all play a positive role in governance,and the effect of digital transformation exacerbating the opportunistic stock selling of executives will be weakened with the increase of institutional investors'shareholding ratio,analyst attention and media attention.The research conclusions are helpful to comprehensively and objectively understand the economic effects of enterprises'digital transformation and provide useful policy recommendations for effectively preventing the chaos of senior executives'reduction in the era of digital economy,and thus promoting the high-quality development of the capital market.Enterprises should strengthen the construction of internal and external governance mechanisms while promoting digital transformation;The government regulatory authorities should strengthen the supervision of information disclosure related to enterprise digital transformation,reasonably guide investor sentiment and the governance enthusiasm of external stakeholders;Investors should also continuously improve their financial literacy and avoid irrational behavior of blindly pursuing hot topics.