| As an important part of modern financial market system,capital market plays an important role in optimizing resource allocation,transmitting market information and promoting economic development.Due to the late start of our capital market,there are still problems such as imperfect supervision system,low information transparency of listed companies and lack of professional literacy of investors,leading to frequent occurrence of stock price crashes.Stock price crash not only seriously damages the interests of the majority of investors in the market,but also is not conducive to the healthy development of the capital market,and even will be transmitted to the real economy,causing a negative impact on the stability of the entire national economy.With the development and application of the new generation of digital technology,the information governance effect of enterprise digital transformation has improved the internal and external information environment of enterprises and reduced the information asymmetry,which is bound to have an impact on the stock price crash risk.Taking A-share listed companies in Shenzhen and Shanghai from2011 to 2021 as the research object,this paper deeply studies the impact of enterprise digital transformation on the risk of stock price crash,and tests the mechanism between enterprise digital transformation and stock price crash risk.At the same time,a series of robustness tests are carried out to the conclusion.In addition,the paper further examines the different effects of digital transformation on stock price crash risk under different internal governance structure and external market environment.The results show that: first,enterprise digital transformation can effectively reduce the risk of stock price crash.Second,enterprise digital transformation can effectively improve the quality of internal control,and effective internal control can inhibit the risk of stock price crash,that is,the quality of internal control plays a part of the intermediary effect between the two.Third,digital transformation has a more significant inhibitory effect on stock price crash risk in non-dual-role enterprises than in dual-role enterprises.Compared with enterprises in regions with low marketization degree,when enterprises in regions with high marketization degree,digital transformation has a more significant inhibitory effect on stock price crash risk.The research of this paper is expected to expand the understanding of the economic consequences of enterprises’ digital transformation,provide theoretical basis and empirical reference for how to exert the governance effect of digital technology,and thus have certain enlightenment significance for promoting the healthy development of capital market. |
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