市场会奖励数字化转型的“行胜于言”吗  

Walking and Talking:Rewards of“Actions over Words”in Digital Transformation

作　　者：苏子豪 段云[2] 赵巍 杨翰方 Su Zihao;Duan Yun;Zhao Wei;Yang Hanfang(Business School,Soochow University;School of Management,Harbin Institute of Technology;International Business School,Beijing Foreign Studies University;Center for Applied Statistics and School of Statistics,Renmin University of China)

机构地区：[1]苏州大学商学院 [2]哈尔滨工业大学经济与管理学院 [3]北京外国语大学国际商学院 [4]中国人民大学统计学院

出　　处：《南开管理评论》2024年第9期78-88,172,共12页Nankai Business Review

基　　金：国家自然科学基金项目(72342010)资助。

摘　　要：以2014-2019年中国A股上市公司为样本,基于上市公司年报中数字化转型相关的前瞻性信息披露和投资金额数据,本文刻画数字化转型“行胜于言”的脱耦现象。实证研究发现,数字化转型“行胜于言”有总体上的正向市场反应。机制检验表明,投资者将数字化转型“行胜于言”传递的“发展助力”和“信任提升”的增量信息视作积极信号,做出正面反应。异质性检验发现,市场反应在外部支持性政策强度较高的区域或时期更强,而在不具备信息技术背景管理者负责的企业或过度负债程度较高的企业中较弱。最后,数字化转型“行胜于言”能够显著帮助企业获取发展资源、提高经营绩效与全要素生产率。本文将数字化转型的言行结合,拓宽了脱耦现象研究视角,有助于研究者和市场参与者深入认识数字化转型产生市场反应的逻辑,对于数字化转型效能提高、完善相关信息披露治理等方面具有实践参考意义。Digital transformation(DT)initiatives have become a cornerstone for firms striving to remain competitive and relevant in an increasingly digitalized economy.For Chinese A-share listed firms between 2014 and 2019,DT activities capture both forward-looking corporate intentions and tangible investment efforts as disclosed in annual reports.This study explores the phenomenon of“action over words”within DT,characterized by the decoupling where actual DT investments exceed prior disclosed projections.We aim to determine whether this decoupling elicits a positive market reaction and serves as a signal of developmental momentum and corporate credibility enhancement in China’s rapidly digitalizing landscape.Methodologically,this paper develops an innovative measure of DT decoupling by employing Z-scores to quantify the relationship between disclosed DT intentions and actual investments.Specifically,the Z-score for actual DT investment is derived from the intangible asset data in financial reports,capturing investments into digital systems,software,and technologies.In contrast,the Z-score for forward-looking DT statements is calculated based on DT-related language in the management discussion and analysis sections of annual reports.By applying Corporate Social Responsibility(CSR)metrics,specifically those designed by Sauerwald et al.(2019)and Li Zhe et al.(2021),this paper operationalizes DT decoupling,creating a structured method to assess the alignment between corporate DT disclosures and corresponding investments.This approach provides a systematic way to measure discrepancies and offers insights into whether firms are fulfilling their digital commitments or merely engaging in impression management.Our empirical analysis of market responses to“action over words”in DT investments reveals a broadly favorable response from investors,indicating that such proactive behavior is interpreted as a positive indicator of a firm’s commitment to growth and alignment with digital transformation initiatives.Firms that exce

关 键 词：数字化转型 市场反应 脱耦现象 管理层讨论与分析 前瞻性信息披露 

分 类 号：F832.51[经济管理—金融学] F49