Digital transformation is an important engine for high-quality firm development.Using a data set of Chinese A-share listed firms from 2010 to 2021,and using the Python text analysis technology to construct firm digital transformation,and folowing the method of Kim and Verrecchia(2001)to measure information disclosure quality,we find a positive correlation between digital transformation and firm's information disclosure quality.Moreover,we find this effect is more pronounced in firms with weaker internal governance and low product market competition,indicating that firms'digital transformation can partially substitute for the effects of internal governance and product market competition on information disclosure quality.After controlling for endogeneity problems with instrumental variables approach,entropy balance matching,and reverses causality identification,we find that the digital transformation have a positive,causal effect on firm's information disclosure quality.Finally,we find firms'digital transformation improves information disclosure quality through channels such as increased analysts'site visits and reduced information asymmetry.We contribute to the understanding of the causal relationship between firm digital transformation and information disclosure,and not only extends and enriches the research on the information effectiveness of micro-entities in capital market,but also offers theoretical basis and empirical evidences for better driving corporate digital transformation to help capital market reform.
关键词
数字化转型/信息披露质量/分析师实地调研/信息不对称
Key words
Digital transformation/Information disclosure quality/Analyst site visits/Information asymmetry
维普
万方数据