| Price is the baton of trading activities in the capital market.In a capital market with an effective mechanism,price can guide the flow of rare resources and realize the optimal allocation of resources.However,this guiding role depends on whether the price can fully reflect the information of enterprises,and the synchronicity of stock price is an important measure to measure the ability of information reflection.Compared with the welldeveloped capital markets in the west,the capital markets of emerging countries have many drawbacks,which can not well present the information at the company level,so the efficiency of resource allocation is relatively low.However,after forty-four years of establishment of the Chinese capital market,although it has made great achievements,there are still many deficiencies,and it is still an emerging market with more noise.It is difficult to reflect the information of the stock price at the company level,and the synchronicity of the stock price remains high,which seriously affects the efficiency of resource allocation in the capital market.Therefore,based on the realistic background of our country,it has become an important topic in the financial theory circle to find out how to reduce the synchronicity of the stock price.Through the orderly sorting of articles on the synchronization of stock prices,it is found that Chinese scholars and foreign scholars mainly focus on the influencing factors,which can be generally divided into four perspectives: institutional environment,information disclosure,corporate governance and information intermediary.However,there are few researches on the synchronization of stock prices related to technological change,and the digital transformation of enterprises provides a new perspective.In recent years,the digital transformation of enterprises is in full swing,and a large number of enterprises have begun to adopt digital technology to embed in production and operation.Based on the existing research,it can be found that digital transformation has the functions of information release,governance optimization and operation improvement,and can play its unique role in transmitting more information to the market.Therefore,it is of great significance to explore the relationship between digital transformation and stock price synchronization to provide new ideas for improving the efficiency of capital market.This paper selects the data of Shanghai and Shenzhen A-share listed companies from 2009 to 2020 as samples,adopts the method of multiple regression to conduct empirical research,studies the relationship between digital transformation and stock price synchronization,and conducts robustness test.It also clarified the action path between digital transformation and stock price synchronization and the performance difference of the relationship between them under different property rights attributes,different competitive environments and different geographical locations.Through the empirical study of this paper,the following conclusions are drawn:(1)Digital transformation significantly reduces the synchronicity of stock prices;(2)Corporate governance and analyst concerns play an intermediary role in the reduction of share price synchronicity in digital transformation;(3)In the cases of state-owned enterprises,enterprises in industries with high degree of competition and enterprises in the eastern region,the digital transformation of enterprises can effectively reduce the synchronicity of stock prices.This study can expand the understanding of the economic consequences of digital transformation,and provide some enlightenment for the decision-making of relevant departments,listed enterprises and capital market investors,so as to promote the healthy development of capital market. |
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