| Stock price synchronization is an important indicator to measure the information efficiency of the capital market,and lower stock price synchronization means that the stock price contains more company-specific information,so the information efficiency of the capital market is also higher.However,as an emerging capital market,China’s stock market contains more "noise",and the level of stock price synchronization is relatively high.With the continuous emergence of digital science and technology such as artificial intelligence,blockchain,cloud computing,and big data,digital transformation is gradually becoming an important strategic choice for enterprises to improve their core competitiveness.Digitalization helps companies to increase their transparency of information,which has an important impact on corporate governance.Therefore,it is of great practical significance to explore whether the digital transformation of enterprises can transmit this positive impact to the capital market,so as to improve the information efficiency of the capital market.This paper uses the observation data of A-share listed companies from 2009 to 2021 as a research sample to explore the impact of digital transformation on stock price synchronization.Firstly,the influencing factors and economic consequences of stock price synchronicity,the connotation concept and economic effects of enterprise digital transformation are reviewed,and the internal influencing factors of stock price synchronization mainly include information transparency and information disclosure,corporate governance,and external influencing factors mainly include market information intermediary and market system construction.The digital transformation of enterprises will mainly have an impact on factor resources and information efficiency.After using the OLS model to regress the sample,this paper finds that the digital transformation of enterprises is conducive to reducing the synchronization of stock prices.Then,in order to test whether the effect of enterprise digital transformation on the reduction of stock price synchronization is robust,this paper uses the replacement of core explanatory variables,reducing the impact of abnormal stock market fluctuations,and instrumental variable method to test the robustness of the conclusions.The results show that when the proxy indicators of the core explanatory variables are replaced,digital transformation still has a significant effect on stock price synchronization.After excluding the abnormal impact of the2015 China stock market crash,the conclusions of this paper remain robust;When the total amount of urban telecommunication services is used as a tool variable for endogenous testing,the results also support the conclusions of this paper.Furthermore,in order to open the "mechanism black box" of enterprise digital transformation and stock price synchronization,this paper analyzes the mediation effect from two channels: internal enterprise innovation and external analysts.The results show that:(1)digital transformation is conducive to promoting internal enterprise innovation,thereby reducing stock price synchronization;(2)The digital transformation of enterprises is conducive to increasing the attention of external analysts,thereby reducing the synchronization of stock prices.Finally,this paper analyzes the heterogeneity of all subsamples divided into different subsamples according to the nature of enterprise property rights,the separation degree of enterprise rights and the region to which the enterprise belongs.The results show that:(1)for non-state-owned enterprises,digital transformation alleviates the financing constraints of enterprises and stimulates innovative behaviors of enterprises,so as to obtain an effective feedback in the capital market and significantly reduce the synchronization of the company’s stock price;(2)For enterprises with a high degree of separation between the two powers,digital transformation plays a greater role in improving the company’s information transparency and information disclosure quality,and improving corporate governance performance,so as to obtain a positive feedback in the capital market and reduce the company’s stock price synchronization;(3)For enterprises in the eastern region,due to the relatively perfect market system construction and infrastructure construction,the digital transformation of enterprises has a good external environment,so the effect on the reduction of stock price synchronization is more significant.From the perspective of enterprise digital transformation,this paper studies the impact of enterprise digital transformation on stock price synchronization,and enriches the research on enterprise digital transformation and stock price synchronization.Furthermore,this paper analyzes the mediation effect from the two channels of internal innovation and external analysts,and opens the "mechanism black box" of digital transformation affecting the synchronization of stock prices.Moreover,this paper extends the relationship between digital transformation and stock price synchronization to heterogeneous enterprises,focuses on the impact differences of different types of enterprises,and provides new thinking for governments and enterprises to promote digital transformation. |
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