| At present,digital technologies represented by artificial intelligence,cloud computing,5G,blockchain,etc.are being rapidly updated and applied,and the digital economy has become an important force driving global economic growth,and countries all over the world are increasing the strategic deployment of the digital economy and formulating corresponding plans.In this context,the 14 th Five-Year Plan,the 2035 Vision and the 20 th Party Congress report point out that we must further promote the deep integration of the digital economy and the real economy,and accelerate the construction of a new development pattern with the domestic circulation as the main body and the domestic and international circulation promoting each other.Digital transformation,as a microcosmic embodiment of the digital economy,has become a new direction for the development of Chinese enterprises.Digital transformation can,to a certain extent,reduce the information asymmetry caused by the separation of equity,affect the management level of enterprises,and change the external environment of enterprises,which will inevitably have an impact on the capital market,and the risk of stock price collapse,as an important indicator of the stability of the stock market,digital transformation may have an impact on the risk of stock price collapse,so this study is conducted.Considering that the digital transformation of Chinese enterprises using digital technology mainly occurred in 2013 and after,and the 2014 Government Work Report added "big data" for the first time,this paper selects the data of A-share listed companies in Shanghai and Shenzhen from2014 to 2021 as the sample,and the digital transformation index as the explanatory variable.On this basis,the theoretical foundation is based on principal-agent theory,information asymmetry theory,comprehensive risk management theory and organizational change theory.Robustness tests were conducted using literature review method,empirical analysis method,mechanism test,heterogeneity analysis with lagged variables,replacement of explanatory variables,deletion of China stock crash years,inclusion of instrumental variables,propensity score matching,and placebo test in an attempt to investigate the relationship between the degree of corporate digital transformation and stock price crash risk and the influence mechanism therein.The tests found that(1)corporate digital transformation is negatively related to the risk of stock price crash,i.e.,digital transformation by firms can effectively reduce the probability of stock price crash occurrence.(2)The results of the mediation test indicate that digital transformation reduces the risk of stock price crash by reducing the level of internal and external information asymmetry,improving the level of internal control,and reducing environmental uncertainty.(3)There are significant differences in the effect of digital transformation when carried out by companies with different attributes.All things being equal,the effect on the risk of stock price collapse will be more significant when digital transformation is carried out by firms located in regions with a higher degree of marketization,high-tech firms,non-state firms,audit quality,and a higher level of innovation.Possible innovations in this paper are(1)innovation in research content.While the few studies on digital transformation and stock price collapse have focused on the perspective of information quality,this paper expands the mechanism of the effect of digital transformation of enterprises on stock price collapse from the perspective of information asymmetry,internal control,and environmental uncertainty.(2)Innovation of research findings.The test enriches the perspective related to digital transformation and stock price collapse and confirms that digital transformation by firms with different attributes will have different effects on the risk of stock price collapse,bringing some reference to whether firms should carry out digital transformation. |
