【作者】 张璟；

【导师】 何红霞；

【作者基本信息】 西北师范大学 ， 金融学， 2025， 硕士

【摘要】 近年来,随着我国数字经济的快速发展,各行各业的企业开启数字化转型的进程。企业数字化转型是数字技术与企业的深度融合,不仅优化了企业的内部流程,促进了企业的转型升级,而且在此过程中企业数字化转型发挥的信息效应势必会反应在资本市场。资本市场由于信息不对称的存在,上市公司财务造假、内幕交易以及虚假披露等事件时有发生,使得投资者进行投资决策时公司真实的特质信息反映不到资本市场的股价中,股票的市场价格偏离内在价值,资本市场出现股票估值偏误。企业数字化转型为缓解股票估值偏误提供了新契机,因此本文从信息不对称的视角出发,探讨企业数字化转型发挥的信息效应能否缓解股票估值偏误。本文首先通过对企业数字化转型以及股票估值偏误相关文献的梳理,归纳得出企业数字化转型对企业的信息披露、内部治理、组织模式等会产生积极影响;股票估值偏误主要受到信息不对称和资本市场中噪音行为的影响。随后基于信息不对称理论、委托代理理论、有效市场理论以及行为金融理论分析企业数字化转型对股票估值偏误的影响机制,得出企业数字化转型通过数字技术与自身业务的深度融合,提高了企业向外信息披露的质量和企业内部治理水平,从而改善市场信息环境,降低信息不对称,达到缓解股票估值偏误的目的。同时发现投资者关注会强化企业数字化转型对股票估值偏误的缓解程度,由此提出本文的研究假设。最后选取2010-2023年全部A股上市企业为研究对象,借鉴徐寿福等(2015)采用剩余收益模型构建股票估值偏误指标,借鉴吴非等(2021)采用文本分析法构建企业数字化转型程度指标,在此基础上实证检验企业数字化转型对股票估值偏误的影响,并探究二者之间的作用机制;其次考察投资者关注在企业数字化转型对股票估值偏误影响中发挥的调节效应;接着从企业产权、行业性质以及所属地区三个角度检验企业数字化转型对股票估值偏误的差异化影响。本文研究发现:(1)企业数字化转型能够有效缓解股票估值偏误程度。(2)当投资者关注度越高时,企业数字化转型对股票估值偏误的缓解作用越强。(3)企业数字化转型通过提高企业信息披露质量和内部治理水平两条路径降低资本市场的信息不对称,实现对股票估值偏误的缓解作用。(4)通过异质性检验发现,非国有企业、非高科技企业、东部地区企业数字化转型对股票估值偏误的缓解作用更显著。更多还原

【Abstract】 In recent years,with the rapid development of China’s digital economy,enterprises in all walks of life have embarked on the process of digital transformation.Enterprise digital transformation is the in-depth integration of digital technologies and enterprises.It not only optimizes the internal processes of enterprises and promotes their transformation and upgrading,but also the information effect exerted by enterprise digital transformation during this process will inevitably be reflected in the capital market.Due to the existence of information asymmetry in the capital market,incidents such as financial information fraud,insider trading,and false disclosure by listed companies occur from time to time.As a result,when investors make investment decisions,the real characteristic information of companies cannot be reflected in the stock prices in the capital market,causing the market value of stocks to deviate from their intrinsic value and leading to stock valuation bias in the capital market.Faced with this problem,the emergence of enterprise digital transformation provides a new starting point for alleviating stock valuation bias.On the one hand,enterprise digital transformation utilizes digital technologies to significantly improve the quality of enterprises’external information disclosure and improve the market information environment.On the other hand,the application of digital technologies has enhanced the level and efficiency of enterprises’internal governance and restrained enterprises’information manipulation behaviors.Therefore,from the perspective of information asymmetry,this paper explores whether the information effect exerted by enterprise digital transformation can alleviate stock valuation bias,which has certain theoretical and practical significance.Firstly,through sorting out the relevant literature on enterprise digital transformation and stock valuation bias,this paper concludes that enterprise digital transformation has a positive impact on enterprises’information disclosure,internal governance,organizational models,etc.;stock valuation bias is mainly affected by information asymmetry and noise behavior in the capital market.Subsequently,based on the information asymmetry theory,principal-agent theory,efficient market theory and behavioral finance theory,this paper analyzes the influence mechanism of enterprise digital transformation on stock valuation bias and puts forward the research hypotheses of this paper.Finally,all A-share listed enterprises from 2010 to 2023 are selected as the research objects.Drawing on Xu Shoufu et al.(2015),the residual income model is used to construct the stock valuation bias indicator,and drawing on Wu Fei et al.(2020),the text analysis method is used to construct the indicator of the degree of enterprise digital transformation.On this basis,an empirical test is conducted on the impact of enterprise digital transformation on stock valuation bias,and the action mechanism between them is explored.Secondly,the moderating effect played by investor attention in the impact of enterprise digital transformation on stock valuation bias is examined.Then,the differentiated impacts of enterprise digital transformation on stock valuation bias are tested from the three perspectives of enterprise property rights,industry nature and the region to which the enterprise belongs.The research findings of this paper are as follows:(1)Enterprise digital transformation can effectively alleviate the degree of stock valuation bias.(2)Enterprise digital transformation reduces information asymmetry in the capital market through two paths,namely improving the quality of enterprise information disclosure and the level of internal governance,thus realizing the alleviating effect on stock valuation bias.(3)Investor attention enhances the alleviating effect of enterprise digital transformation on stock valuation bias.The reason is that when investors pay higher attention to enterprises,the enterprise information transmitted by enterprise digital transformation will be acquired by investors at a faster speed,and then act on their own investment decisions.This is manifested in the acceleration of the alleviating effect of enterprise digital transformation on stock valuation bias in the capital market.(4)Through the heterogeneity test,it is found that the alleviating effect of enterprise digital transformation on stock valuation bias is more significant for non-state-owned enterprises,non-high-tech enterprises and enterprises in the eastern region.更多还原