数字化转型如何影响股价崩盘风险
How Digital Transformation Affects the Risk of Stock Price Collapse
赵志豪1
作者信息
- 1. 北华大学经济管理学院,吉林吉林 132013
- 折叠
摘要
当今数字经济发展趋势不可阻挡,数字化转型已成为企业内部结构优化升级,高质量发展的重要推动力.文章以2009-2019年中国沪深上市公司数据为样本,通过文本识别法科学评估企业数字化转型程度,研究数字化转型对股价崩盘风险的影响.研究发现,数字化转型对股价崩盘风险具有负面效应,通过内生性、稳健性处理后的数据依旧支持该结论.从机制路径来看,数字化转型通过提高商业信用对股价崩盘起到抑制作用.国有企业、北方企业以及ESG表现水平高的企业,数字化转型对股价崩盘风险的抑制作用更明显.除此之外,文章对研究企业资本市场方面提供了相关启示.
Abstract
Currently,the development trend of digital economy is unstoppable,and digital transformation has become an important driving force for the optimization and upgrading of enterprises'internal structure and high-quality develop-ment.Using data of companies listed in Chinas Shanghai and Shenzhen stock exchanges from 2009 to 2019 as a sample,this paper makes a scientific evaluation of the degree of an enterprise's digital transformation through text recognition method,and investigates the impact of digital transformation on the risk of stock price collapse.This study reveals that digital transformation has a negative effect on the risk of stock price collapse,and the conclusion still stands true after an endogeneity and robustness treatment.In terms of the mechanism,digital transformation could promote the commercial credit of the company in question,which could help prevent its stock price from collapsing.This mechanism is more ob-vious for state-owned enterprises,enterprises in the north,and enterprises with high ESG performance levels.In addi-tion,the paper has also provided relevant insights for studying the enterprise capital market.
关键词
数字化转型/股价崩盘风险/商业信用Key words
digital transformation/risk of stock price collapse/commercial credit引用本文复制引用
出版年
2024
NETL
NSTL
维普
万方数据