Using"Digitalization"to Seek"Sustainable and Stable Earnings":Research on the Impact of Enterprise Digital Transformation on Earnings Persistence
Based on the"governance effect","information effect"and"financing effect"of enterprises'digital transformation,this paper empirically tests the impact of enterprises'digital transformation on earnings persistence and the mechanism of its effect,using A-share listed companies in Shanghai and Shenzhen from 2007 to 2021 as the research sample.The study finds that digital transformation can significantly improve earnings persistence,and its mechanism is to discourage real earnings management,improve information transparency and ease financing constraints.From the perspective of heterogeneity,both"application of underlying technology"and"application of technology practice"significantly improve earnings persistence.In non-state-owned enterprises and low-growth enterprises,the impact of digital trans-formation on earnings persistence is more significant.Enterprises should firmly implement the confidence of digital transformation,enhance the motivation for the implementation of digital transformation,in order to seek sustainable and stable earnings.
digital transformationearnings persistencereal earnings managementinformation transparencyfinancing constraints
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