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’Digital Attention on the Conceptual Hype of Enterprise Digital Transformation: Reason, Path and Governance

摘要:

企业数字化转型是推动高质量发展的重要引擎,概念炒作会阻碍其取得实质性成效。 从资本市场的治理视角出发,基于 E 互动和互动易中投资者与公司之间的互动数据构建投资者数字化关注指标,从数字化转型信息披露水平和语调两方面构建数字化转型概念炒作指标,以 2010—2023 年中国 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效应及作用机理,并剖析原因和探索解决路径。 研究结果表明:投资者数字化关注加剧了企业数字化转型概念炒作,低市值企业、非国有企业的加剧作用更显著,所在地区数字经济发展较好的企业、较小规模企业、高管有 IT 和研发背景的企业在信息披露水平上的加剧作用更显著,而在披露语调上的作用并不显著;投资者数字化关注通过诱发高管短视、引发股价波动、增加声誉成本等路径,加剧企业数字化转型概念炒作;金牌董秘、机构投资者关注、四大审计机构监督、分析师关注、媒体关注等在一定程度上抑制了企业数字化转型概念炒作。 研究结论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、引导企业实质性数字化转型提供了政策启示。

Abstract:

The digital transformation of enterprises is an important engine to promote high-quality development, and concept hype will prevent them from achieving substantive results. From the perspective of capital market governance, investors?? digital attention indicators based on the interaction data between investors and companies in E-interaction and Interactive Q&A, and digital transformation concept hype indicators from the two aspects of digital transformation information disclosure level and tone were constructed. A-share listed companies in China from 2010 to 2023 were taken as samples. A fixed effects model was used to examine the impact effect and mechanism of investors' digital attention on the conceptual hype of enterprise digital transformation, and the reasons and explores solutions was analyzed. The research results indicate that investors' digital attention exacerbates the hype of the concept of digital transformation of enterprises. This exacerbating effect is more significant in low-market-cap and non-state-owned enterprises. Furthermore, enterprises located in regions with better digital economy development, smaller-scale enterprises, and enterprises with senior executives having IT and R&D backgrounds exhibit a more significant exacerbating effect on the level of information disclosure, but the effect on the tone of disclosure is not significant. The conceptual hype of enterprise digital transformation is promoted by investors' digital attention through three paths: exacerbating stock price volatility, inducing executive shortsightedness, and increasing reputation costs. The conceptual hype of enterprise digital transformation can be suppressed by gold medal board secretaries, institutional investors' attention, analysts, media, and supervision from the four major audit institutions. A new perspective is provided for understanding the micro mechanisms of interaction between investors and enterprises in the digital age. Policy implications are offered for preventing the risk of conceptual hype and guiding substantive digital transformation.