The Impact of Digital Transformation on Stock Price Volatility
Digital Transformation has become a hot spot in the development of market economy,which can have an all-round impact on enterprises,but the impact of digital transformation on capital market needs to be explored.Based on the data of a-share listed companies from 2003 to 2020,this paper uses the benchmark regression model and the intermediary effect model to test the impact of corporate digitization on stock price volatility.The results show that the digital transformation can significantly reduce the volatility of the stock price,and the financing constraints play an intermediary role between the digital transformation and the volatility of the stock price.Further heterogeneity test results show that the digital transformation of non-state-owned enterprises has a greater effect on reducing stock price volatility.
digital transformationfinancing constraintsstock price volatility
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万方数据
