国有企业集团数字化转型与股价信息含量  

State-Owned Enterprise Groups’Digital Transformation and Stock Price Information Content

作　　者：徐慧[1] 余怒涛[1] 方巧玲 Xu Hui;Yu Nutao;Fang Qiaoling

机构地区：[1]云南财经大学会计学院,云南昆明650221 [2]福州大学经济与管理学院,福建福州350108

出　　处：《证券市场导报》2023年第8期16-26,共11页Securities Market Herald

基　　金：国家自然科学基金项目“经济政策不确定性、高管文化特征与公司并购”(批准号:71862036);国家自然科学基金项目“供应链客户关系与上市公司大股东行为研究”(批准号:72262034);国家自然科学基金项目“监管问询、公司外部治理与股价信息效率”(批准号:71902035);云南省基础研究计划项目“灾难冲击、企业集团内部市场与公司成本费用调整”(批准号:202101AT070219)。

摘　　要：数字经济发展背景下,国有企业集团是否有充分动机与能力促进数字化转型,是否有助于提升资本市场的运行效率,值得探索。本文以2009—2020年国企集团控股上市公司为样本,发现国有企业集团通过促进控股公司数字化转型,能改善信息产生、传递与接收的效率,提高股价信息含量;在集团规模较大、集团内有科技企业、两权集中时,国有企业集团促进数字化转型进而提高公司股价信息含量的效果更明显。进一步研究表明,外部资本市场发育程度较低、区域经济增长压力较小、公司为商业类国企、高管在集团兼任、获得较高政府补助时,集团促进数字化转型进而提高股价信息含量的效果更明显。In the context of the development of digital economy,it is worth exploring whether SOE(State-Owned Enterprise)groups have sufficient motivation and ability to promote digital transformation,and whether they can help improve the operational efficiency of capital markets.Using samples of listed companies held by SOE groups during the period from 2009 to 2020,the article finds that SOE groups can improve the efficiency of information generation,transmission and reception,and increase the information content of stock prices by promoting the digital transformation of holding companies.When the size of the group is large,there are science and technology companies within the group,the controlling and cashflow power are concentrated,the effect of the SOE group in promoting digital transformation and thus improving the information content of the companies’stock prices is more obvious.Further research shows that when the development of the external capital market is low,the regional economic growth pressure is low,the company is a commercial SOE,the executives are concurrently employed in the group,and the received government subsidies are relatively high,the effect of the group to promote digital transformation and thus improving the information content of stock prices is more obvious.

关 键 词：股价信息含量 数字化转型 集团治理 国有企业 

分 类 号：F275.5[经济管理—企业管理]