Enterprise Digital Transformation and Annual Report Tone Management
Based on the sample of A-share listed companies from 2007 to 2021,it is found that the digital transformation of enterprises will promote the management to manage the tone of annual reports.The mechanism test shows that financing constraints and performance fluctuation pressure are the main action path of digital transformation to promote the management's annual report tone management.Further distinguishing the transformation input costs,the study finds that in the enterprises with less transformation input costs,financial constraints are the main mechanism for digital transformation to promote the annual report tone management;However,in enterprises with high transformation input costs,the pressure of performance fluctuation is the main mechanism.The economic consequences test finds that the management obtains more financing through the tone management of annual reports.Final-ly,we find that the strategic guidance in the early stage of transformation and the transformation input in the middle stage will significantly promote the management to conduct annual report tone management,while the transformation of technological achievements in the late stage will not.
Digital TransformationAnnual Report Tone ManagementConstraints on FinancingPressure of Performance Fluctuations
万方数据
维普
