业绩期望落差与企业数字化战略信息传递积极性——来自交易所网络互动平台投资者问答的证据  

Performance Expectation Gap and Positivity of Corpo-rate Digital Strategy Messaging:Evidence from Inves-tor-Firm Q&A on Online Interaction Platforms

作　　者：严若森[1] 高心仪 Yan Ruosen;Gao Xinyi(Economics and Management School,Wuhan University)

机构地区：[1]武汉大学经济与管理学院

出　　处：《南开管理评论》2024年第9期65-77,共13页Nankai Business Review

基　　金：国家社会科学基金重点项目(22AGL015);教育部人文社会科学重点研究基地重大项目(22JJD630004);中央高校基本科研业务费专项资金(413000390)资助。

摘　　要：本文聚焦交易所网络互动平台这一典型的非正式互动性信息披露渠道,收集整理2010—2022年中国沪深两市4562家上市公司在上交所“e互动”和深交所“互动易”的投资者问答数据,研究业绩期望落差对企业数字化战略信息传递积极性的影响及其机制。研究发现,业绩期望落差激发企业积极传递数字化战略信息。机制检验表明,对于数字化能力强企业,业绩期望落差主要通过管理层可置信承诺假说下的“长期性激励动机”激发企业积极传递“言行一致”的真实性数字化战略信息,而对于数字化能力弱企业,业绩期望落差则主要通过管理层自利性偏差假说下的“暂时性安抚动机”激发企业积极传递“言行不一”的粉饰性数字化战略信息。异质性分析发现,在高管数字注意力强、组织惯性小、地区诚信与法治环境好的企业中,业绩期望落差对企业数字化战略信息传递积极性的促进作用更显著。进一步研究发现,对于数字化能力强(弱)企业,更严格的数字化信息披露规制和更大力度的数字化转型政策支持对其业绩期望落差与数字化战略信息传递积极性之间的正向关系起到强化(弱化)作用,而企业积极传递数字化战略信息对增加其数字化物质资本、人力资本投入和数字化创新产出具有积极的治理效应。As the construction of Digital China advances,accelerating digital transformation has become a broad consensus among firms and investors.By delivering digital strategy information and releasing positive signals of digital transformation,firms significantly boost investor sentiment and market confidence.In recent years,positively delivering digital strategy information has increasingly become a new strategic response strategy for firms to cope with performance expectation gap,but there are fewer studies on how performance feedback affects firms’digital strategy disclosure.Firms’digital strategy messaging on online interaction platforms is a real concern,especially when faced with the pressure of performance expectation gap.At this point,market,reputation and legitimacy pressures can further enhance the complexity of firms’motivations for digital strategy messaging.So,does performance expectation gap motivate firms to positively deliver digital strategy information?Are there different underlying mechanisms for this motivation among firms with different digitalization capabilities?Are there heterogeneous strategy motives behind firms’positivity of digital strategy messaging?As typical informal online interaction platforms,“E-Interactive”and“Interactive Easy”are set up by the Shanghai and Shenzhen Stock Exchanges respectively,aiming at guiding and facilitating the exchange of information among multiple market participants,which provide a suitable research scenario for this study.From 2010 to 2022,on“E-Interactive”and“Interactive Easy”,the proportion of investors’questions of digital strategy information concern has increased from less than 5%to 10%,while the proportion of firms’answers of digital strategy information delivery has increased even more significantly,from about 4%to 12%.This trend thus indicates that both investors and firms are paying more attention to the Q&A sessions on online interaction platforms and the digital strategy information they convey.This study focuses on onlin

关 键 词：业绩期望落差 企业数字化战略信息传递 网络互动平台 治理效应 

分 类 号：F832.51[经济管理—金融学] F49