数字化转型、年报预约披露推迟与市场反应——风险衍生视角  

Digital Transformation,Delay on Scheduled Annual Report Disclosure and Market Reaction:A Risk-Derived Perspective

作　　者：张蕊[1] 刘佳旋 王洋洋[1] ZHANG Rui;LIU Jia-xuan;WANG Yang-yang(School of Accounting,Jiangxi University of Finance and Economics,Nanchang 330013,China)

机构地区：[1]江西财经大学会计学院,江西南昌330013

出　　处：《现代财经（天津财经大学学报）》2023年第11期77-95,共19页Modern Finance and Economics：Journal of Tianjin University of Finance and Economics

基　　金：国家自然科学基金项目(72362023);江西省社会科学青年基金项目(23GL31)。

摘　　要：数字经济发展热潮下,企业的数字化转型仍面临着诸多问题与挑战。本文以年报预约披露推迟为切入点,选取2007-2020年A股上市公司样本,深入剖析了企业数字化转型可能产生的负面影响及其衍生的风险。研究结果表明,数字化转型将提高上市公司发生年报预约披露推迟的风险,并且此风险将进一步传导至资本市场,引发投资者负面市场反应。该结果主要与数字化转型使得企业业务复杂度提高,但会计师事务所执业胜任能力不足有关。进一步研究发现,上述由数字化转型衍生的风险具有持续性,降低了上市公司未来的股票收益率。异质性分析表明,较高的公司治理水平和审计行业专长可以有效抑制数字化转型造成的年报预约披露推迟及其引发的负面市场反应。本文研究结论拓展了数字化转型经济后果的研究,同时对于上市公司防范化解数字化转型风险、顺利推进数字化建设具有重要的启示意义。Under the development boom of digital economy,enterprises still face many prob-lems and challenges in digital transformation.Taking delay on scheduled annual report disclosure as the entry point,this paper selects A sample of A-share listed companies from 2007 to 2020 to deep-ly analyze the possible negative impact of enterprise digital transformation and its derived risks.The results show that,digital transformation can increase the risk of delay on scheduled annual re-port disclosure by listed companies,and this risk can be further transmitted to the capital market,triggering negative market reactions from investors.The above results are mainly due to the fact that the digital transformation increases the business complexity of enterprises,while the profes-sional competence of accounting firms is insufficient.Further study finds that,the above risks de-rived from digital transformation are persistent and reduce the future stock returns of listed compa-nies.Heterogeneity analysis shows that,higher corporate governance level and audit industry ex-pertise can effectively inhibit delay on scheduled annual report disclosure caused by digital transfor-mation and its negative market reaction.The findings of this paper extend the study of the econom-ic consequences of digital transformation,and also have important implications for listed companies to prevent and mitigate the risks of digital transformation and smoothly promote digital construc-tion.

关 键 词：数字化转型 年报预约披露推迟 市场反应 

分 类 号：F239[经济管理—会计学]