Digital Transformation,Macroeconomic Environment Difference and Stock Price Collapse Risk
Digital transformation helps enterprises release their information,alleviates the information asymmetry between investors and enterprises,en-terprises and product supply and demand markets,and makes enterprises and investors more sensitive to changes in the macroeconomic environment.Based on existing research proving that digital transformation can reduce the risk of stock price crash,this article further proposes that digital transfor-mation has a non-linear impact on stock price risk.By selecting non-financial listed companies in China's Shanghai and Shenzhen stock exchanges from 2012 to 2021 as samples,we empirically test the complex impact of corporate digital transformation and macroeconomic environment differences on stock price crash risks.The research results show that,unlike related research,digital transformation can reduce the risk of stock price crash,and enterprise digital transformation has an inverted"U"shaped impact on stock price crash risk.As the digital transformation of enterprises strengthens,the impact on stock price crash risk first increases and then weakens.Moreover,the current impact of digital transformation on many enterprises is on the left side of the inverted"U"shape,causing the risk of corporate stock price collapse to increase.In the context of widespread segmentation of financial markets in various regions and countries,valuation differences,interest rate differences,and exchange rate expectations between different capital markets im-pact the risk of stock price collapse.Digital transformation deeply integrates enterprises with the economy and society.It can adjust the intensity of the impact of differences in the macroeconomic environment on the risk of stock price collapse.