兰州财经大学机构知识库

资本市场作为现代金融市场体系的重要组成部分，在优化资源配置、传递市场信息、促进经济发展等方面发挥着重要的作用。由于我国资本市场起步晚，仍然存在监管制度不完善、上市公司信息透明度低、投资者专业素养不足等问题，导致股价崩盘现象频繁出现。股价崩盘不仅严重损害了广大投资者的利益，而且不利于资本市场的健康发展，甚至会传递到实体经济，对整个国民经济的稳定运行造成负面影响。随着新一代数字技术的发展和应用，企业数字化转型所发挥的信息治理效应改善了企业内外部的信息环境、降低了信息不对称，最终势必会对股价崩盘风险产生影响。

本文以2011-2021年我国深沪A股上市公司为研究对象，深入研究了企业数字化转型对股价崩盘风险的影响，并且检验了企业数字化转型与股价崩盘风险之间的作用机制。同时，还对结论进行了一系列稳健性检验。此外，还进一步考察了在不同的内部治理结构和外部市场环境下，企业数字化转型对股价崩盘风险的不同影响效果。研究结论表明：第一，企业数字化转型能够显著降低企业的股价崩盘风险。第二，企业数字化转型能够有效提高企业的内部控制质量，而有效的内部控制能够抑制股价崩盘风险，即内部控制质量在两者之间发挥了部分中介效应。第三，相比两职合一的企业，在非两职合一的企业中数字化转型对股价崩盘风险的抑制作用更显著；相比于所处地区市场化程度低的企业，当企业所处地区市场化程度高时，数字化转型对股价崩盘风险的抑制效应更显著。本文的研究预期能够拓展对企业数字化转型经济后果的认识，为如何发挥数字技术的治理效应提供理论依据和经验参考，从而对促进资本市场健康发展具有一定的启示意义。

As an important part of modern financial market system, capital market plays an important role in optimizing resource allocation, transmitting market information and promoting economic development. Due to the late start of our capital market, there are still problems such as imperfect supervision system, low information transparency of listed companies and lack of professional literacy of investors, leading to frequent occurrence of stock price crashes. Stock price crash not only seriously damages the interests of the majority of investors in the market, but also is not conducive to the healthy development of the capital market, and even will be transmitted to the real economy, causing a negative impact on the stability of the entire national economy. With the development and application of the new generation of digital technology, the information governance effect of enterprise digital transformation has improved the internal and external information environment of enterprises and reduced the information asymmetry, which is bound to have an impact on the stock price crash risk.

Taking A-share listed companies in Shenzhen and Shanghai from 2011 to 2021 as the research object, this paper deeply studies the impact of enterprise digital transformation on the risk of stock price crash, and tests the mechanism between enterprise digital transformation and stock price crash risk. At the same time, a series of robustness tests are carried out to the conclusion. In addition, the paper further examines the different effects of digital transformation on stock price crash risk under different internal governance structure and external market environment. The results show that: first, enterprise digital transformation can effectively reduce the risk of stock price crash. Second, enterprise digital transformation can effectively improve the quality of internal control, and effective internal control can inhibit the risk of stock price crash, that is, the quality of internal control plays a part of the intermediary effect between the two. Third, digital transformation has a more significant inhibitory effect on stock price crash risk in non-dual-role enterprises than in dual-role enterprises. Compared with enterprises in regions with low marketization degree, when enterprises in regions with high marketization degree, digital transformation has a more significant inhibitory effect on stock price crash risk. The research of this paper is expected to expand the understanding of the economic consequences of enterprises' digital transformation, provide theoretical basis and empirical reference for how to exert the governance effect of digital technology, and thus have certain enlightenment significance for promoting the healthy development of capital market.