Research On The Impact Of Digital Transformation On Corporate Stock Yield

With the vigorous development of the digital economy,the digital transformation of enterprises has become the only way to promote economic development,improve the international competitiveness of the economy,and achieve high-quality development of microeconomic entities.Digital transformation has provided new development impetus for companies in all walks of life,but will it bring better capital market performance for listed companies? The existing research on the performance of digital transformation capital market mainly focuses on stock liquidity,synchronization and the risk of stock price collapse.However,as the most direct manifestation of corporate capital market performance,stock return has not yet been studied by scholars.Based on the annual report data of China’s A-share listed companies from 2010 to 2020,this paper uses Python technology to describe the intensity of enterprise digital transformation,and uses empirical analysis methods to test the impact of digital transformation on the stock return of listed companies and its mechanism.The research found that the digital transformation has significantly improved the company’s stock return,and the conclusion is still valid after replacing the core explanatory variables and removing the interfering companies and other robust tests.The intermediary mechanism test shows that the digitalization of listed companies can improve the stock yield through two ways: first,the digitalization transformation can attract more investment by increasing the attention of investors to listed companies,and then push up the stock price and improve the stock yield;Second,digital transformation can improve the performance level and comprehensive competitiveness of enterprises,thus continuously improving the internal value of the company.The continuous improvement of the internal value will ultimately be reflected in the stock price and bring about the improvement of the stock return.In addition,the performance of the capital market in the digital transformation of enterprises has obvious heterogeneity: compared with the tradable institutional investors,the shareholding of the stable institutional investors can significantly improve the performance of the capital market after the digital transformation of the company;Due to the fierce market competition environment,private enterprises have higher enthusiasm for digital transformation,and the improvement of stock returns after digital transformation is more significant;High-tech enterprises are easier to grasp the opportunities of digitalization because of the better foundation of digitalization transformation,which leads to the more significant role of digitalization in improving stock returns;In the regression of different regions,the eastern region has a higher significance for the improvement of stock returns than other regions because of the higher digitalization-related infrastructure and talent reserves;Different digital technologies such as artificial intelligence,blockchain,cloud computing,and big data also have different effects on the improvement of the company’s stock return.Big data has the most obvious effect on the improvement of the company’s stock return.The research in this paper is conducive to investors to make better stock investment decisions,help investors improve the rate of return,optimize the allocation of resources,and provide certain theoretical support for the digital transformation of listed companies.