Research On The Impact Of Enterprise Digital Transformation On Stock Price Crash Risk

Since the 18 th National Congress,the Party Central Committee has paid great attention to the developing digital economy.The Outline of the 14 th Five-Year Plan and Vision 2035 also includes "Accelerating Digital Development and Building Digital China" as a separate chapter.The Report on the Work of the Government in 2022 clearly puts forward the strategic goal of "promoting the development of digital economy and promoting the digital transformation of industries".In the report of the 20 th National Congress of the Communist Party of China,Xi Jinping once again emphasized "accelerating the development of the digital economy".Driven by a series of national policies and practice orientation,digital economy has gradually become the core driving force for the high-quality development of China ’s economy.As an important micro-embodiment of the digital economy,the digital transformation of enterprises has also become a hot topic in academia.With the deepening of academic research on digital transformation,more and more scholars have found that enterprises in digital transformation can rely on technological advantages to carry out efficient information collection,processing and analysis and decisionmaking,enhance the efficiency of cooperation between enterprises and different subjects such as customers and suppliers,improve the level of corporate governance and main business performance,and bring positive impact on enterprise development.The existing literature on the economic consequences of digital transformation mainly focuses on the impact on the entity operation of enterprises.There is relatively little research on how digital transformation affects the performance of enterprises in the stock market,and the stock market has room for expansion.The "sharp rise and fall" of stock prices is a common phenomenon in the stock market.In particular,the stock price crash caused by the ’ sharp fall ’ will not only cause huge property losses to investors,but also hinder the normal operation of the stock market.Seriously,it may even have a negative impact on the stability of the national economy.In this context,this thesis selects the A-share listed companies on the main board of Shanghai and Shenzhen in China from 2014 to 2021 as the research sample,explores the reduction effect and mechanism of digital transformation on the risk of stock price crash,and further discusses the possible asymmetric effect of enterprise digital transformation on the risk of stock price crash under different types of digital transformation,property rights and industry types.The empirical study found that:(1)corporate digital transformation can reduce the risk of future stock price crash.(2)A test of mediating effects clarifies that digital transformation of firms reduces the risk of stock price crash by improving innovation performance and alleviating financing constraints.(3)The further analysis results show that the effect of digital transformation on reducing the risk of stock price collapse is more evident at the practical application level,state-owned enterprises and high-tech enterprises.The research conclusions of this article are helpful to enhance the understanding of enterprises on digital transformation,providing reference for the government to improve and formulate policies related to corporate digital transformation,and reducing the risk of stock price crash.