数字化转型战略的策略性披露与企业长期价值

Strategic Disclosure of Digital Transformation Strategy and Corporate long-term value

摘要:

企业长期价值的提升有助于提高投资者回报、促进投融资协调、增强金融支持实体经济的发展,在数字化转型背景下探讨企业策略性披露和企业长期价值之间的关系具有非常重要的现实意义。以 2015—2023 年中国沪深 A 股上市公司为研究样本的研究发现:首先,策略性披露对企业长期价值具有显著的负向作用。在采用工具变量法、PSM、替换变量等多种内生性和稳健性检验后,上述结果仍然成立。其次,机制分析表明,数字化转型的策略性披露会显著降低投资者情绪、分析师盈余预测质量和产品市场的竞争优势,进而多方面地降低企业长期价值。此外,异质性特征影响研究发现,企业在外部环境不确定性更高与处于成长期和成熟期时,策略性披露对企业长期价值的负面影响更为显著。进一步分析发现,策略性披露对企业的投资效率同样会产生显著的负作用;在“多言” 与“寡行” 两个维度中,“多言” 对长期价值的负面作用更大。 研究结论对提升公司效率、完善公司治理和促进企业高质量发展具有启示作用。

Abstract:

The improvement of enterprises’ long-term value helps increase investor returns, promote the coordination of investment and financing, and strengthen financial support for the development of the real economy. Against the background of digital transformation, the exploration of the relationship between enterprises’ strategic disclosure and their long-term value is of great practical significance. Sampleing from Chinese A-share listed companies in Shanghai and Shenzhen between 2015 and 2023 were utilized. The findings are as follows. Firstly, strategic disclosure has a significant negative impact on enterprises’ long-term value. This result remains valid after multiple endogeneity and robustness tests, such as the instrumental variable method, PSM, and variable replacement. Secondly, mechanism analysis shows that strategic disclosure related to digital transformation significantly reduces investor sentiment, the quality of analysts ’ earnings forecasts, and the competitive advantage in the product market, thereby reducing enterprises’ long-term value in multiple aspects. In addition, heterogeneous characteristics reveals that the negative impact of strategic disclosure on enterprises’ long-term value is more significant when enterprises face higher external environmental uncertainty and are in the growth or mature stage. Further analysis indicates that strategic disclosure also exerts a significant negative effect on enterprises’ investment efficiency. Among the two dimensions of “more words” and “fewer actions”, “more words” has a greater negative impact on long-term value. The conclusions provide enlightenment for improving corporate efficiency, optimizing corporate governance, and promoting high-quality development.