Digital transformation has become a new driving force leading enterprises towards high-quality development.Using the sample of A-share listed companies,this paper examines the non-linear relationship between the digital transformation of enterprises and systematic tail risk.The results show that there is a U-shaped relationship between the digital transformation of enterprises and systematic tail risk.Digital transformation acts on the systematic tail risk of individual stocks by affecting information quality and capital position.In terms of information quality,digital transformation shows a U-shaped relationship with the degree of corporate information manipulation and an inverted U-shaped relationship with the stock price information content.In terms of capital position,digital transformation leads to a decrease in corporate internal cash sufficiency and an increase in the level of corporate financial investments.In addition,the impact of digital transformation on systematic tail risk is more pronounced in enterprises with digital R&D projects,lower levels of executive compensation,higher levels of financial risk,technology-intensive industries,and less intense local financial regulation.This paper provides empirical evidence for deepening corporate reform and maintaining financial market stability.
digital transformationsystematic tail riskinformation qualitycapital positionfinancial market stability
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