投资者数字化关注对企业数字化转型概念炒作的影响：诱因、路径与治理

The impact of investors

摘要:

以2010—2023 年我国A股上市公司为样本,利用固定效应模型,实证研究投资者数字化关注对企业数字化转型概念炒作的影响。研究发现:投资者数字化关注助长了企业数字化转型概念炒作,这种助长作用因企业特征和管理者特征不同而不同；投资者数字化关注通过加剧股价波动、诱发高管短视、提高声誉成本等路径,助长了企业数字化转型概念炒作；金牌董秘、机构投资者关注、分析师关注、媒体关注、四大审计机构监督等在一定程度抑制了企业数字化转型概念炒作。本研究为理解数字时代投资者与企业互动的微观机制提供了新视角,也为防范概念炒作风险、引导实质性数字化转型提供了政策启示。

Abstract:

Taking A-share listed companies in China from 2010 to 2023 as samples, this study uses a fixed effects model to examine the impact of investors" digital attention on the conceptual hype of enterprise digital transformation. Research finds that investors" digital attention? promotes the conceptual hype of enterprise digital transformation, and this promoting effect varies depending on the characteristics of the enterprise and the manager. Investors" digital attention promotes the conceptual hype of enterprise digital transformation by exacerbating stock price volatility, inducing executive shortsightedness, and increasing reputation costs. Gold medal board secretary,? institutional investorsattention, analysts, media, and supervision from the four major audit institutions can suppress conceptual hype of enterprise digital transformation. This study provides a new perspective for understanding the micro mechanisms of interaction between investors and enterprises in the digital age, as well as policy implications for preventing the risk of conceptual hype and guiding substantive digital transformation.