数字化信息披露与资本市场定价——基于投资者信息解读的视角  

Digital Information Disclosure and Capital Market Pricing:From the Perspective of Investor Information Interpretation

作　　者：丁亚楠 牛彪 王建新 车悦 DING Ya′nan;NIU Biao;WANG Jianxin;CHE Yue(School of Accounting,Beijing Wuzi University,Beijing 101149,China;Chinese Academy of Fiscal Sciences,Beijing 100142,China;School of Public Administration,Renmin University of China,Beijing 100872,China)

机构地区：[1]北京物资学院会计学院,北京101149 [2]中国财政科学研究院,北京100142 [3]中国人民大学公共管理学院,北京100872

出　　处：《华东经济管理》2024年第7期53-65,共13页East China Economic Management

摘　　要：作为经济发展的晴雨表,资本市场在赋能实体经济转型升级过程中发挥着重要作用。文章以我国沪深A股上市公司为研究对象,从投资者信息解读的视角考察了企业数字化信息披露对资本市场定价的影响。结果表明:企业数字化信息披露能够提高企业的市场估值,但该正向市场反应仅表现于长期;投资者信息解读在企业数字化信息披露与资本市场定价之间发挥了部分中介效应。进一步分析表明,在信息披露的真实性较高、投资者信息能力较低和信息需求较高时,企业数字化信息披露的长期市场反应更加显著,而在信息披露的真实性较低、投资者信息能力较低和信息需求较高时,投资者信息解读的中介效应更加显著。As a barometer of economic development,the capital market plays a crucial role in empowering the transformation and upgrading of the real economy.This paper examines the impact of corporate digital information disclosure on capital market pricing from the perspective of investor information interpretation,focusing on listed companies in the Shanghai and Shenzhen A-share markets.Research findings:Digital information disclosure by companies can enhance their market valuation,though this positive market reaction is only evident in the long term.Investor information interpretation partially mediates the relationship between digital information disclosure and capital market pricing.Further analysis reveals that the long-term market reaction to digital information disclosure is more pronounced when the authenticity of information disclosure is high,investor information capability is low,and information demand is high.Conversely,when the authenticity of information disclosure is low,investor information capability is low,and information demand is high,the mediating effect of investor information interpretation becomes more significant.

关 键 词：数字化信息披露 市场定价 投资者信息解读 资本市场 文本分析 

分 类 号：F832.51[经济管理—金融学] F49