This study employs listed corporations from Shanghai and Shenzhen A-shares as the research sample to delve into the repercussions of digital transformation on stock mispricing and its underlying mechanisms.The findings delineate that digital transformation markedly accel-erates stock mispricing,chiefly materializing as overvaluation.Mechanistic examinations suggest that digital transformation captivates investor and analyst attention and heightens investor optim-ism,thereby exacerbating stock mispricing.Heterogeneity analysis reveals that margin trading and short selling,as well as high-quality accounting information,can moderate the impact of digital transformation on stock mispricing,while the impact intensifies during periods of heightened mar-ket sentiment.Consequently,it is advised that relevant authorities further refine the information disclosure protocols for listed companies and augment the oversight of digital transformation infor-mation disclosure to mitigate its influence on stock mispricing.
关键词
数字化转型/股票误定价/有限理性/信息不对称
Key words
digital transformation/stock mispricing/bounded rationality/information asymmetry
维普
万方数据