The Capital Market Value Effect of Information Interaction in Digital Transformation
The 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 following 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.
万方数据
维普
