The Impact of Digital Investments on Information on Firms'Fundamental
Based on the data of listed companies on the Shanghai and Shenzhen A-share market from 2009 to 2021,this study explores the impact of digital investment on the information content and efficiency of corporate fundamentals.The findings finds that digital investment behavior of listed com-panies has increased the content and efficiency of fundamental value information in stock prices,there-by optimizing the informativeness of stock prices.Heterogeneity tests indicate that the positive effects of digital investment are more pronounced in samples with comprehensive external digital infrastruc-ture and well-developed internal information construction.Mechanism tests support two pathways of action:the"production optimization mechanism"and"information optimization mechanism".Consid-ering the influence of external behavioral factors,the study also confirms the existence of"boost effects"and"supplementary effects"in the process of digital investment.Further research reveals that there is a non-linear U-shaped relationship between corporate digital strategic transformation and fun-damental value information,indicating that as the degree of digitalization deepens,the ability of cor-porate stock prices to reflect fundamental value information will ultimately be enhanced.
digital investmentinformation on firms'fundamentaldigital transformation
万方数据
维普
