As an important way of integrating digital economy with real economy,enterprise digital transformation has become an important way of enterprise strategic change in recent years.Using the sample of A-share listed companies in the Shanghai and Shenzhen Stock Ex-change from 2007 to 2022,this paper empirically analyzes the influence of enterprise digital transformation on executives'opportunistic stock selling and its influencing mechanism.The re-sults indicate that the enterprise digital transformation has significantly promoted the possibility of executives'opportunistic stock selling.This conclusion still holds after a series of endogenous and robustness tests such as instrumental variable estimation(IV)and propensity score matching(PSM).The mechanism analysis shows that the enterprise digital transformation affects exec-utives'opportunistic stock selling by improving investors'optimistic sentiment and innovation investment.Further tests show that the positive relationship between enterprise digital transfor-mation and opportunistic stock selling is more significant in companies with high divergence in analyst predictions,poor legal environment,and low audit quality.This paper combines digital transformation with the executives'opportunistic stock selling,enriching the relevant research in these two fields.The conclusion provides empirical evidence for controlling the chaos of oppor-tunistic stock selling and promoting high-quality development of capital markets.At the same time,this paper provides a useful exploration for empowering the real economy with digital tech-nology and promoting industrial digitization.
enterprise digital transformationexecutives'opportunistic stock sellinginfluence mechanism
NETL
NSTL
万方数据
