Can Corporate Digital Transformation Curb Stock Mispricing?

Abstract

Abstract: Solving the problem of mispricing is an important prerequisite for the healthy operation of China’s capital market. Taking China’s A-share listed companies from 2010 to 2021 as samples, this paper analyzes the impact of enterprise digital transformation on stock mispricing. The findings show that the digital transformation of enterprises can effectively curb stock mispricing. The mechanism test reveals that the digital transformation of enterprises can reduce information asymmetry and alleviate investor irrationality, thereby helping to curb stock mispricing. The analysis of the regulatory effects reveals that media coverage and high public attention can enhance the inhibitory effect of enterprise digital transformation on stock mispricing. The heterogeneity test reveals that the inhibiting effect of digital transformation on stock mispricing is more significant in enterprises with a higher proportion of institutional investors’ shareholding and a higher level of digital strategy leadership in the management. Therefore, it is necessary to establish, improve and promote the long-term supporting mechanism for the digital transformation of enterprises.

Key words: digital transformation, digital technology, stock mispricing, information asymmetry, investor irrationality

CLC Number:

F275.5

LI Zhen-zhen, WANG Ai-Dong, LI Hai-jian. Can Corporate Digital Transformation Curb Stock Mispricing?[J]. Contemporary Finance & Economics, 2023, 0(12): 133-143.

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