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价格是资本市场交易活动的指挥棒，在一个作用机制有效的资本市场中，价格可以引导稀有资源流向，实现资源的最佳配置，然而这种引导作用的发挥取决于价格是否可以充分反映企业信息，而股价同步性正是衡量信息反映能力的重要尺度。相对于西方发育较为完善的资本市场来说，新兴国家的资本市场存在诸多弊病，不能很好的呈现公司层面信息，因此资源配置效率也相对低下，而我国资本市场建立四十四年之久，虽取得较大成效，但是仍存在较多不足，仍属于新兴市场，存在较多的噪音，公司层面的信息难以反映于股价，股价同步性居高不下，这严重影响了资本市场资源配置效率，因此，立足于我国现实背景，寻求如何降低股价同步性的方法成为财务理论界的重要话题。通过对有关股价同步性文章的有序梳理发现，我国学者和国外学者对于股价同步性的研究多聚焦于影响因素，大体来说可以分为四个角度：制度环境、信息披露、公司治理和信息中介，然而有关技术变革对股价同步性的研究较少，而企业数字化转型则提供一个新的视角。近年来企业数字化转型如火如荼，大量企业开始采用数字技术嵌入生产经营中，综合现有研究可以发现，数字化转型具有信息释放、治理优化和经营改善作用，可以发挥其特有功效，向市场传递更多的信息。因此，探索数字化转型和股价同步性之间的关系，为改善资本市场效率提供新思路，具有重要意义。

本文选取2009年-2020年沪深A股上市公司的数据为样本，采用多元回归的方法进行实证研究，研究了数字化转型与股价同步性的关系并进行稳健性检验，还明晰了数字化转型与股价同步性之间的作用路径和两者关系在不同产权属性、不同竞争环境下和不同地理区位下的表现差异。通过本文的实证研究得出以下结论：（1）数字化转型显著降低了股价同步性；（2）公司治理和分析师关注在数字化转型降低股价同步性之间发挥中介作用；（3）在国有企业、高竞争程度行业企业和东部地区企业中，企业数字化转型更能有效降低股价同步性。本文研究可以拓展有关数字化转型经济后果的认识，为有关部门、上市企业以及资本市场投资者制定决策提供一定启示，进而促进资本市场健康发展。

关键词：数字化转型 股价同步性 公司治理 分析师关注

Abstract

Price is the baton of trading activities in the capital market. In a capital market with an effective mechanism, price can guide the flow of rare resources and realize the optimal allocation of resources. However, this guiding role depends on whether the price can fully reflect the information of enterprises, and the synchronicity of stock price is an important measure to measure the ability of information reflection. Compared with the well-developed capital markets in the west, the capital markets of emerging countries have many drawbacks, which can not well present the information at the company level, so the efficiency of resource allocation is relatively low. However, after forty-four years of establishment of the Chinese capital market, although it has made great achievements, there are still many deficiencies, and it is still an emerging market with more noise. It is difficult to reflect the information of the stock price at the company level, and the synchronicity of the stock price remains high, which seriously affects the efficiency of resource allocation in the capital market. Therefore, based on the realistic background of our country, it has become an important topic in the financial theory circle to find out how to reduce the synchronicity of the stock price. Through the orderly sorting of articles on the synchronization of stock prices, it is found that Chinese scholars and foreign scholars mainly focus on the influencing factors, which can be generally divided into four perspectives: institutional environment, information disclosure, corporate governance and information intermediary. However, there are few researches on the synchronization of stock prices related to technological change, and the digital transformation of enterprises provides a new perspective. In recent years, the digital transformation of enterprises is in full swing, and a large number of enterprises have begun to adopt digital technology to embed in production and operation. Based on the existing research, it can be found that digital transformation has the functions of information release, governance optimization and operation improvement, and can play its unique role in transmitting more information to the market. Therefore, it is of great significance to explore the relationship between digital transformation and stock price synchronization to provide new ideas for improving the efficiency of capital market.

This paper selects the data of Shanghai and Shenzhen A-share listed companies from 2009 to 2020 as samples, adopts the method of multiple regression to conduct empirical research, studies the relationship between digital transformation and stock price synchronization, and conducts robustness test. It also clarified the action path between digital transformation and stock price synchronization and the performance difference of the relationship between them under different property rights attributes, different competitive environments and different geographical locations. Through the empirical study of this paper, the following conclusions are drawn: (1) Digital transformation significantly reduces the synchronicity of stock prices; (2) Corporate governance and analyst concerns play an intermediary role in the reduction of share price synchronicity in digital transformation; (3) In the cases of state-owned enterprises, enterprises in industries with high degree of competition and enterprises in the eastern region, the digital transformation of enterprises can effectively reduce the synchronicity of stock prices. This study can expand the understanding of the economic consequences of digital transformation, and provide some enlightenment for the decision-making of relevant departments, listed enterprises and capital market investors, so as to promote the healthy development of capital market.

Key words: Digital transformation; Share price synchronicity; Corporate governance; Analysts Focus