数字化转型信息互动的市场定价效应

The Capital Market Value Effect of Information Interaction in Digital Transformation

数字化转型信息互动是否存在资本市场溢价?本文基于2010—2022年沪深A股上市公司数据,考察数字化转型信息互动对资本市场定价的影响以及相较于陈述式披露的优势。结果表明,数字化转型信息互动能够提升企业市场定价,这一关系仅体现在市场定价被低估的企业当中。监管介入削弱了被介入企业数字化转型信息互动的市场定价效应,提升了同行业企业的市场定价效应。机制分析显示,数字化转型信息互动通过信号传递机制以及信息鉴别机制提升企业市场定价。与信息披露行为相比,信息互动的市场定价效应具有合理性更高、适用性更强的优势,在时间持续性方面与信息披露没有差别,然而信息互动产生的市场定价效应仅体现在投资者规模较大、市值管理动机较低的企业及国有企业当中。针对信息互动文本分析发现,数字化转型信息互动的市场定价效应仅体现在语调更加客观、答非所问程度较低、主动性较低的信息互动中,信息涉及面对市场定价没有影响。本文结论对开展数字化转型战略的企业如何参与资本市场具有启示。

The Capital Market Value Effect of Information Interaction in Digital TransformationThe interaction of digital transformation information is of great significance for activating the capital market and improving enterprise market pricing.This article takes A-share listed companies in Shanghai and Shenzhen from 2010 to 2022 as research samples to empirically test the impact of digital transformation information interaction on market pricing and the unique effect advantage of investor interaction compared to declarative information disclosure.Research has found that digital transformation and information interaction can enhance market pricing for enterprises,and this relationship is only reflected in enterprises with undervalued market pricing.Regulatory intervention weakens the market pricing effect of digital transformation information interaction among the involved enterprises,and enhances the market pricing effect of peers in the same industry.Mechanism analysis shows that digital transformation information interaction can enhance enterprise market pricing through signal transmission mechanisms and information identification mechanisms.Comparing the market pricing effects of information disclosure and interaction in digital transformation,it is found that there is no difference in the sustainability of the pricing effects of interaction and disclosure.Interaction can enhance pricing rationality,but the correlation between disclosure and pricing rationality is not significant,indicating that interaction has stronger pricing rationality.The market pricing effect generated by interaction is only reflected in large investor scale,low market value management motivation,and state-owned enterprises.The allocation of digital assets can achieve market pricing through interaction and disclosure,while digital patent applications can only achieve market pricing through interaction.The above conclusion indicates that interaction has unique advantages in pricing rationality and applicability,and there is no significant difference in the sustainability of market pricing effects compared to disclosure.Regarding the analysis of interactive information texts,it was found that the market pricing effect of digital transformation information interaction is only reflected in interactions with more objective intonation,lower degree of non questioning,and lower initiative.Information involvement has no impact on market pricing.The research contribution of this article is mainly reflected in the following aspects:expanding the literature on digital transformation information disclosure and investor interaction,enriching the literature on investor interaction and capital market efficiency;It reveals the unique advantages of investor interaction compared to traditional declarative information disclosure,not only revealing the specific path of improving capital market information efficiency through investor interaction,but also deepening the understanding of signal mechanism and reputation mechanism in interactive information disclosure;Provide ideas on how to empower enterprise market pricing for digital transformation strategies by combining information disclosure.This article provides practical insights in the fllowing areas:encouraging enterprises and investors to engage in a certain scale of digital transformation information interaction;Deeply improve the regulatory mechanism for investor interaction and enhance the reliability of digital transformation information;Guide enterprises to improve communication strategies and enhance the quality of digital transformation information interaction content.