Digital Transformation,Funding Channel Disparity and Manager's Stock Selling
At a time when digital transformation has become an inevitable trend in the digital e-conomy,the degree of corporate transformation determines corporate value,but it remains to be studied whether the information asymmetry between corporate executives and the stock market a-bout the progress of transformation has led to valuation disagreement,which in turn has given rise to speculative stock selling at the first sight.Based on the data of A-share listed companies from 2008 to 2020,this paper empirically investigates the impact of corporate digital transformation on the speculative holding reduction behavior of executives.The study finds that:First,the deeper digital transformation of enterprises induces more speculative stock selling,and the scale and fre-quency of the reduction increase accordingly;Second,the policy external funding supply has a posi-tive moderating effect of promoting speculative stock selling,while the internal cash supply of en-terprises has a negative moderating effect of inhibiting speculative holdings reduction;Finally,the negative moderating effect of policy external funds mainly occurs in high cost of capital and non-high-tech firms,while the favorable moderating effect of internal cash supply mainly occurs in low cost of capital and high-tech firms.The conclusion indicates that enhancing the internal cash supply capacity of enterprises is an important guarantee for the digital transformation process to balance the enhancement of transformation efficiency and the suppression of speculative stock selling,and should be a policy focus to accelerate the construction of digital China.Meanwhile,regulating cor-porate transformation information disclosure and improving government subsidy policies also play an important role in alleviating the problem of speculative hold-down.
digital transformationspeculative stock sellingpolicy-based external fundsinter-nal cash supply
万方数据
维普
