关键词: 企业数字化, 言行一致性, 市场价值, 内部控制, 分析师关注

Abstract: Digital transformation is a hot topic pursued by the capital market, and the mismatch between the words and actions of enterprises in digital transformation has increasingly highlighted its impact on market value. Based on the signal theory and the cognitive dissonance theory and taking the A-share listed companies in Shanghai and Shenzhen stock exchanges from 2011 to 2022 as samples, this study empirically examines the relationship between digital information disclosure, actual actions, and consistency of words and deeds with the corporate market value. The results show that both digital information disclosure and practical actions can significantly enhance the market value of enterprises, and the latter has a stronger enhancement effect; the higher the consistency between digital words and actions, the higher the market value of the enterprise. The lower or higher the degree of multi word and few action matching in digital speech and action, the higher the market value, and there is a substitution effect between the two types of signals,“word”and“action”, with the latter having better signal quality than the former. In the context of high-quality internal control and high analyst attention, the higher the consistency between a company’s digital words and actions, the higher its market value, reflecting the high-quality corporate identity brought by high-quality internal control and the signal recognition effect brought by high analyst attention. Therefore, enterprises should improve the consistency of digital words and deeds, transmit more high-quality signals, alleviate the cognitive bias impact faced by investors, so as to help enhance market value.

Key words: enterprise digitization, consistency of words and actions, market value, internal control, analyst attention