| The The 20 th National Congress of the Communist Party of China(CPC)Report points out that high-quality development is the primary task of building a modern socialist country in an all-round way,and explicitly proposes to deepen the reform of the financial system,improve the function of the capital market,and standardize and guide the healthy development of capital in accordance with the law.Reducing the synchronization of stock prices is an important breakthrough to improve the efficiency of resource allocation,better leverage the role of the financial sector in supporting the real economy,and promote high-quality development of the Chinese economy.As a typical emerging economy,China’s stock price synchronicity is significantly higher than that of developed economies.The situation of "concept stock" exists in Chinese stock market.Various concepts such as Internet,digitization,high-tech and so on are chased by fanaticism and become the main driving force of stock price formation.Opportunism is prevalent.As a hot topic in the capital market,digital transformation has been sought after by investors.Most of A-share listed companies have made text information disclosure of digital transformation,and the total word frequency of keywords related to digital transformation has reached more than 300,000 times.Can such a large amount of financial information and non-financial information related to digital transformation transfer the characteristic information of the enterprise level to outside investors,alleviate the degree of internal and external information asymmetry,and reduce the synchronization of stock prices?The research on this issue has important practical significance to improve the efficiency of capital market,protect the interests of investors and promote the high-quality development of capital market.In this paper,A-share listed companies in Shanghai and Shenzhen from 2013 to2021 are selected as research samples to empirically study the influence and internal mechanism of the amount,structure and tone of corporate digital transformation information disclosure on stock price synchronization,and explore the heterogeneity of external governance mechanism and governance environment.The main research content of this paper includes four aspects: first,the digital transformation information disclosure quantity and stock price synchronization;Second,digital transformation information disclosure structure and stock price synchronization;Third,digital transformation information disclosure tone and share price synchronization;Fourth,the heterogeneity of external information environment.This paper finds that:(1)There is a significant negative correlation between financial data disclosure and non-financial data disclosure in digital transformation of enterprises and stock price synchronization.After further examining the mechanism of the influence of digital transformation information disclosure on stock price synchronization,it is found that information asymmetry and analyst tracking play a partial intermediary role.(2)No matter the disclosure structure of digital transformation information based on financial information and non-financial information,or the disclosure structure of digital transformation information based on strategic information and action information,the comprehensiveness of corporate digital transformation information disclosure structure significantly reduces the synchronicity of stock prices.After further examining the mechanism that the two information disclosure structures of enterprise digital transformation affect the synchronicity of stock price,it is found that the information asymmetry and the quality of information disclosure play a partial mediating role.(3)The enthusiasm of corporate digital transformation information disclosure annual report tone is negatively correlated with stock price synchronization.After further examining the mechanism of the influence of the tone of the annual report of digital transformation information disclosure on stock price synchronization,it is found that information asymmetry and investor attention play a part of the intermediary role.(4)As for external governance mechanism,it is found that media attention strengthens the negative correlation between the quantity,structure and tone of information disclosure of enterprise digital transformation and the synchronization of stock price;As an informal administrative punishment,the inquiry letter strengthens the negative correlation between the quantity,structure and tone of information disclosure in digital transformation of enterprises and the synchronization of stock price.As for the external governance environment,it is found that cross-listed enterprises in many places face a stricter information disclosure environment,which strengthens the negative correlation between the quantity,structure and tone of information disclosure of enterprises’ digital transformation and the synchronization of stock price.The degree of industry competition strengthens the negative correlation between the quantity,structure and tone of information disclosure in digital transformation and the synchronicity of stock price.The innovation points of this paper are as follows:(1)Starting from the new perspective of information disclosure of digital transformation,this paper explores the economic consequences of annual report information disclosure affecting the capital market.Previous scholars’ intelligence information for enterprises,Risk Information,Internal Control Information,Environmental Information,few scholars pay attention to the economic consequences of information disclosure of digital transformation on the capital market.This paper empirically tests that the quantity,structure and intonation of information disclosure in digital transformation of enterprises can alleviate information asymmetry,improve the efficiency of information transmission in capital markets,and reduce the synchronicity of stock prices.(2)Construct a research framework for information disclosure of digital transformation,and study information disclosure behavior of digital transformation from a multi-dimensional perspective.Different from previous studies mainly from the quality of information disclosure,Text intonation,text readability studied from a single perspective.In this paper,disclosure quantity,disclosure structure and disclosure tone were incorporated into the same framework,from single information quantity to two-dimensional information structure,and emotional factors were taken into account to study intonation,so as to comprehensively analyze the information increment delivered by enterprise digital transformation,so as to better understand the information disclosure of enterprise digital transformation for external investors.It provides guidance for improving the efficiency of information transmission and promoting the high-quality development of the capital market,and also provides reference for subsequent scholars to study the information disclosure content of some specific topics.(3)Link the information disclosure of digital transformation,a hot topic,with the efficiency of information transmission in the capital market.Few scholars have paid attention to the impact of information disclosure behavior of digital transformation on the capital market,especially on the efficiency of information transmission in the capital market.This paper divides the information disclosure behavior of digital transformation from three levels,studies the effect of three aspects on the synchronicity of stock prices,and more systematically explains the signal transmission function of digital transformation information in the market and the improvement effect of information asymmetry.The research significance of this paper is as follows:(1)It enriches relevant researches on digital transformation.Most of the previous literature focused on enterprises’ digital transformation to improve corporate performance and reduce production costs;Expanding transaction scale,forming economies of scale,etc.Few scholars have studied the information content behind the information related to the digital transformation of enterprises and the impact of different forms of information disclosure on the capital market.In this paper,big data text analysis method is used to follow the idea of "single-dimensional quantity--dual-dimensional structure--emotional dimension",the disclosure quantity,disclosure structure and disclosure tone of enterprise digital transformation information are included into the same research framework,a relatively comprehensive overview of the relevant disclosure forms of enterprise digital transformation information,and from the perspective of information disclosure,the relevant research on digital transformation is enriched.(2)Enriched the relevant research on the topic of annual report information disclosure.Previous scholars’ intelligence information for enterprisesn,Risk Information,Internal Control Information,environmental information and other topics were studied,but few scholars analyzed the information disclosure content of enterprises’ digital transformation.Based on the development trend of global digital economy,the public information of enterprise digital transformation is bound to become the focus of the outside world.In this paper,the digital transformation information is separated from the overall annual report,and different information disclosure behaviors are distinguished based on the big data text analysis method,which enriches the relevant literature on the topic of information disclosure in the annual report.(3)Enriched the influencing factors of stock price synchronization.Previous studies mainly focused on the quality of information disclosure,Text intonation,text readability studied the impact of information disclosure on stock price synchronization from a single perspective.Due to the differences in the selection of samples and models,different economic consequences are generated in the studies on the same topic,which affects the unity and credibility of the conclusions.Starting from the information disclosure of digital transformation,this paper systematically studies the influence of information disclosure behavior of digital transformation on the synchronicity of stock prices from the three aspects of information disclosure quantity,disclosure structure and disclosure tone,enriching the influencing factors of the synchronicity of stock prices.The practical significance of this paper is as follows:(1)It provides a reference for listed companies to disclose important topics.Enterprises should pay attention to the quantity,structure and tone of information disclosure,and disclose company information in various forms and angles by actively issuing company announcements,so as to increase the specific information content in the company’s stock price,reduce the asymmetry of market information,enhance the transparency of the company,and let investors better understand the company’s operation and financial situation.(2)It provides real and reliable empirical evidence for regulatory authorities to standardize and supervise the disclosure of information related to the digital transformation of listed companies,which is conducive to safeguarding the interests of investors and the stability of the financial market.Under the national strategy that governments at all levels actively promote digital economy,the disclosure of enterprise digital transformation information,as a hot information,is bound to arouse the attention of investors and capital markets.Therefore,the regulatory authorities need to standardize and supervise the information related to digital transformation disclosed by listed companies,enhance the efficiency of information transmission,and promote the healthy development of the capital market.(3)Provide ideas for investors to analyze and excavate the incremental information in the annual reports of listed companies,which is conducive to improving investors’ ability of information processing and understanding as well as information comprehensive analysis.Our capital market is still immature,there are many unprofessional or professional investors.In order to reduce and eliminate this kind of inefficient phenomenon,the regulatory authorities should increase the guidance to investors,so that investors correctly understand the intonation information in the text of the annual report,guide investors to pay attention to the value of the incremental information in the text of the annual report of listed companies,based on the analysis and interpretation of different types of information,to make more scientific and rational investment decisions. |
