数字化转型能抑制企业信息披露违规吗?——来自A股上市公司的经验证据  

Can Digital Transformation Suppress Corporate Information Disclosure Violations?--Empirical Evidence Based on A-share Listed Companies

作　　者：关鑫[1] 李枫园 Guan Xin;Li Fengyuan(Capital University of Economics and Business,Beijing 100070,China)

机构地区：[1]首都经济贸易大学工商管理学院,北京100070

出　　处：《河南师范大学学报(哲学社会科学版)》2025年第2期85-96,共12页Journal of Henan Normal University(Philosophy and Social Sciences)

基　　金：国家自然科学基金面上项目(72172097)。

摘　　要：数字化转型可以规范企业在资本市场中的行为,改善资本市场环境。加速推进数字化转型不仅是中央顶层设计的重要组成部分,也是企业实现高质量发展的内在要求。本文以企业信息披露违规为切入,基于信号传递理论和委托代理理论,选取沪深A股非金融类上市公司为研究对象,实证检验了数字化转型与企业信息披露违规之间的关系。实证研究发现,数字化转型能抑制企业信息披露违规。中介机制分析表明,数字化转型通过缓解代理成本以及提高内部控制抑制企业信息披露违规。调节效应分析结果显示,当高管持股比例和分析师关注度较高时,数字化转型对企业信息披露违规的抑制作用更强,这种抑制作用在非高新技术企业和数字金融发展水平较高地区的企业中更为显著。因此,要加快数字化转型战略布局,净化资本市场生态,充分释放数字红利,注重从不同层面彰显数字化转型对信息披露违规的抑制作用,对企业信息披露行为进行有效监管。Digital transformation can regulate the behavior of corporations in the capital market and improve the capital market environment.Accelerating digital transformation is not only an important component of the central top-level design,but also a necessary part of the high-quality development of corporations themselves.This paper takes the perspective of corporate information disclosure violations as an entry point,based on signal theory and principal-agent theory,selects non-financial listed companies in Shanghai and Shenzhen A-shares as the research object,and systematically argues and empirically tests the relationship between digital transformation and corporate information disclosure violations.The empirical study finds that digital transformation can suppress corporate disclosure violations.The analysis of mediation mechanism shows that digital transformation suppresses corporate disclosure violations by alleviating agency costs and improving internal control.The analysis of moderating effects shows that when the proportion of executive shareholding and analyst attention is high,the suppress effect of digital transformation on corporate information disclosure violations is stronger,which is more significant in non high-tech corporations and corporations in the regions with higher levels of digital finance development.Therefore,we need to accelerate the strategic layout of digital transformation,purify the capital market ecosystem,fully unleash digital dividends,focus on highlighting the suppress effect of digital transformation on information disclosure violations from different levels,and effectively regulate corporate information disclosure behaviors.

关 键 词：数字化转型 信息披露违规 代理成本 内部控制 

分 类 号：F272[经济管理—企业管理]