酒香还怕巷子深? 制造企业数字化转型信号与资本市场定价  

Does Good Wine Still Need Bush:Digital Transformation Signals and Capital Market Valuation in Manufacturing Firms

作　　者：余艳[1] 王雪莹 郝金星[2] 董小英[3] Yu Yan;Wang Xueying;Hao Jinxing;Dong Xiaoying(School of Information,Renmin University of China;School of Economics and Management,Beihang University;Guanghua School of Management,Peking University)

机构地区：[1]中国人民大学信息学院 [2]北京航空航天大学经济与管理学院 [3]北京大学光华管理学院

出　　处：《南开管理评论》2024年第8期185-196,共12页Nankai Business Review

基　　金：国家自然科学基金项目(72172155);中国人民大学科学研究基金(中央高校基本科研业务费专项资金)项目(23XNA032)资助。

摘　　要：制造企业数字化转型是当前研究的热点议题。本文结合信号理论和有限注意力理论,阐述了制造企业数字化转型披露与资本市场定价的关系,以及投资者关注、媒体关注在其中发挥的双重调节作用。本文采集了中国制造业上市企业2012-2019年的数据,通过固定效应模型分析检验了企业数字化转型披露的信号效应和外部注意力的强化作用。结果表明,制造企业数字化转型的信息披露,尤其是基于新兴数字技术的数字化转型,能显著提升资本市场定价。投资者关注会进一步强化数字化转型披露与资本市场定价的正向关系,媒体关注与投资者关注存在乘数效应,二者共同增强了制造企业数字化转型披露的积极信号效应。制造企业主动披露的数字化转型信息,主要目的是帮助企业从定价低估走向正常估值,但不会助推企业在资本市场持续定价高估而导致价值偏离,投资者关注和媒体关注则在价值高估区间发挥双重调节作用。本文揭示了企业、投资者和媒体影响资产定价的复杂关系,扩展了现有企业数字化价值研究的范畴,对利用资本市场助力制造企业转型升级也有重要启示。Digital transformation of manufacturing firms in China is a significant research topic at present,as digital transformation has become a mandatory course for the manufacturing industry.Digitization and intelligence are the main pathways for the transformation and upgrading of China’s manufacturing industry.However,those manufacturing firms face many challenges during the transformation and upgrading process,such as resource constraints and long-time under-valuation in the capital market.The process of digital transformation itself also entails uncertainties and risks for firms.Chinese manufacturing firms primarily rely on bank financing to sustain their development,while the capital market plays a relatively limited role in resource allocation.Therefore,effectively conveying the signals of digital transformation,enhancing investor perception,and improving capital market pricing and valuation have become important for manufacturing firms.Existing literature primarily explores the impacts of digitalization on firm innovation,internal governance,and operation efficiency from the internal perspective,emphasizing the positive effects of digital transformation.However,research on the external capital market’s response to digital transformation remains insufficient,thus demanding more research on digital transformation from the external perspective.Specific signals play a crucial role in capital market valuation,and information disclosure by firms in certain areas can alleviate information asymmetry in the capital market,helping to establish corporate reputation and legitimacy.Therefore,we need to know manufacturing firms’disclosure of digital transformation can increase or decrease their capital market valuation.Considering investor and are the key actors in the capital market,we also need to know whether and how these key actors’attention influences the relationship of digital transformation disclosure and capital market valuation.According to the signaling theory,signalers often make intentional effort in com

关 键 词：信号理论 数字化转型披露 资本市场定价 投资者关注 媒体关注 

分 类 号：F832.51[经济管理—金融学] F425F49