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有效市场假说在新古典股票投资理论中占有十分重要的地位，理想状态下一个完全有效的市场，市场价格中包含的信息全面及时，反映了股票的真实价值。市场估值偏误能有效衡量股价中公司特质信息含量的多少，诸多研究表明我国资本市场估值偏误程度较高，公司特质信息难以完全反映在股价中，市场参与者无法对股票的真实价值做出准确判断。自“加快建设数字中国”发展战略被提出，各企业掀起了数字化转型浪潮。相较于传统产业，数字经济是数字技术高速发展下以信息技术产业为基础，利用数字化赋能传统产业形成的新的经济业态，数字经济的发展促进了数据要素在市场及市场中各个主体间的流动分配，数字化转型为企业与外部提供了信息沟通渠道，增强了企业数字治理能力。

基于此，本文立足数字化时代背景，探究企业数字化转型对市场估值偏误的影响。首先，本文梳理了企业数字化转型和市场估值偏误相关研究；其次，本文从微观主体和宏观区域双视角分析了企业数字化转型对市场估值偏误的影响，并提出研究假设；最后，本文以A股上市公司2014—2020年面板数据为研究样本，实证研究了企业数字化转型对市场估值偏误的影响及区域数字经济发展水平的调节效应。研究结果表明，企业数字化转型能显著降低股票市场价值对内在价值的偏离程度，在数字经济发展水平越高的地区，这种影响作用越显著；进一步研究表明，其影响机制为企业信息披露质量的提高、公司业绩的提升及对管理层机会主义行为的抑制。本文为企业、政府及市场投资者行为提供实践指导作用，对新时代大数据背景下如何提高我国证券市场有效性、提高资源配置效率具有现实意义。

The efficient market hypothesis plays a very important role in the neoclassical stock investment theory. In an ideal state, a completely efficient market can fully and timely reflect all valuable information, and the market price is the true value of securities. Market valuation errors can effectively measure the company specific information content in stock prices. Many studies show that the degree of valuation errors in China's capital market is higher than that in western developed capital markets, which indicates that in reality, the company specific information in China's market is difficult to fully reflect in stock prices, and market participants cannot make accurate judgments on the true value of stocks. Since the development strategy of "accelerating the construction of digital China" was proposed, enterprises have set off a wave of digital transformation. Compared with traditional industries, digital economy is a new economic form based on the information technology industry under the rapid development of digital technology, which is formed by using digital empowerment of traditional industries. The development of digital economy has promoted the flow and distribution of data elements in the market and among various subjects in the market. Digital transformation has provided information communication channels for enterprises and the outside world, and enhanced enterprises' digital governance capabilities.

Based on this, this paper, based on the background of the digital era, explores the impact of enterprise digital transformation on market valuation errors. To begin, this paper combs the research on digital transformation of enterprises and market valuation bias; Secondly, This paper empirically examines the effects of enterprise digital transformation on market valuation errors from both micro and macro entities, proposing corresponding research assumptions; Finally, Utilizing panel data from A-share listed companies from 2014 to 2020 as the research sample, this paper empirically studies the impact of enterprise digital transformation on market valuation errors and the regulatory effect of regional digital economy development level. The research results show that the digital transformation of enterprises can significantly reduce the deviation of the stock market value from the intrinsic value. As the digital economy advances, the effect becomes more pronounced; Further research shows that the impact mechanism is the improvement of the quality of corporate information disclosure, the improvement of corporate performance and the inhibition of management opportunism. This paper provides practical guidance for enterprises, governments and market investors, and has practical significance on how to improve the effectiveness of China's securities market and improve the efficiency of resource allocation under the background of big data in the new era.