一项关于企业数字化转型对知情交易影响的研究
1School of Economics and Management, Quanzhou University of Information Engineering, Quanzhou, Fujian, China.
PloS one
|December 27, 2024
概括
企业的数字化转型通过减轻信息不对称性和改善内部控制,显著减少了知情交易. 这种影响在非国有高科技企业中最为明显,尤其是在实现技术和资产里程碑之后.
科学领域:
- 金融经济学 金融经济学
- 信息经济学 信息经济学
- 企业金融公司财务
背景情况:
- 由信息不对称推动的知情交易扭曲了市场价格,阻碍了资源分配,增加了流动性风险.
- 现有的市场缺陷加剧了知情交易的负面影响,可能导致市场不稳定.
- 了解缓解知情交易的因素对于促进健康的市场发展至关重要.
研究的目的:
- 实证地研究企业数字化转型对知情交易可能性的影响.
- 探索数字化转型影响知情交易的调解机制.
- 分析数字化转型对知情交易的影响的异质效应和值条件.
主要方法:
- 利用信息不对称理论和主体-代理理论作为理论框架.
- 分析了2011年至2022年的A股上市公司的数据.
- 采用固定效应模型,异质性分析和动态面板值模型.
主要成果:
- 企业的数字化转型大大降低了知情交易的可能性.
- 在非国有,高科技企业和东部/中部地区的企业中,抑制作用更为明显.
- 数字化转型削弱了信息不对称性,加强了内部控制,从而减少了知情交易.
结论:
- 数字化转型是抑制知情交易的关键机制.
- 数字化转型在抑制知情交易方面的有效性取决于实现一定水平的技术和资产积累.
- 调查结果强调了数字举措对于提高市场效率和稳定的重要性.
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