Transformation of digital technology and corporate stock price crash risk:Evidence from the pilot of"integration of informatization and industrialization"
In the current era of the digital economy,the transformation of digital technology has become a significant driving force for enterprises to achieve high-quality development.Tak-ing advantage of the pilot program of"integration of informatization and industrialization"as a quasi-natural experiment and using Chinese listed manufacturing companies from 2007 to 2021 as the sample,this paper empirically investigates the impact of digital technology transformation on the stock price crash risk using a staggered difference-in-differences approach.The findings are as follows:1)With the pilot program significantly promoting the digital technology transformation of enterprises,the risk of future stock price crash shows a notable decrease.This conclusion is further supported by a series of robustness tests.2)Mechanism analysis reveals that the pilot program reduces the risk of future stock price crash through improving internal control quality,but not attracting more external monitoring.3)The effects of the pilot program in reducing the risk of stock price crash are more pronounced when accounting conservatism is low,earnings ag-gressiveness is high,there is less analyst coverage,and media attention is low.These indicate the existence of complementary effects between emerging digital technologies and traditional gover-nance mechanisms.Our research enriches the empirical evidence supporting the improvement of corporate governance in the digital economy.The conclusions provide decision-making references for enhancing corporate quality through digital governance for listed companies.
transformation of digital technologyintegration of informatization and industrial-izationstock price crash riskinternal control
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