数字化转型信息披露的价值效应研究——来自概念炒作的证据

马连福　宋婧楠　王博

（南开大学商学院/中国公司治理研究院）

　　内容提要：信息披露是企业向外部传递信息的重要方式，数字化转型信息披露有助于帮助企业展现数字化转型进程并赢得市场关注。本文探讨数字化转型概念炒作的价值效应，结果显示，企业数字化转型概念炒作行为具有显著的负向价值效应，不利于提升企业长期和短期业绩；企业掩盖转型疲软、获取资源、追逐热点和操纵市值的动机以及大股东获取私利动机强化了数字化转型概念炒作的负向价值效应。机制分析显示，企业的数字化转型概念炒作行为增加了企业破产风险、降低了企业风险承担水平、加剧了股票回报波动性、削弱了资本市场定价效率，从而产生负向价值效应。进一步，从投资者反应视角展开的分析显示，散户投资者无法识别数字化转型概念炒作行为，而机构投资者可以通过直接或间接方式判断企业数字化转型信息披露的真实可靠性。投资者尤其是散户投资者应重点关注信息披露中实际的数字化转型投入和成果部分，即企业实际做了什么，并辅以新闻媒体报道，最大化避免数字化转型概念炒作行为带来的投资风险。本文可以为监管部门针对性治理“炒概念”乱象和加强投资者保护提供经验数据和相关启示。

　　

　　关键词：数字化转型；概念炒作；价值效应；投资者保护；信息披露治理

　　

　　作者简介：马连福，南开大学商学院/中国公司治理研究院教授、博士生导师，天津，300071；宋婧楠，南开大学商学院/中国公司治理研究院博士研究生；王博，南开大学商学院/中国公司治理研究院博士研究生。

　　基金项目：国家自然科学基金面上项目“股东网络特征与投资决策权配置研究”（71772094）；国家自然科学基金面上项目“数字化时代背景下控制权配置与公司价值研究”（7217020212）

　　引用格式：马连福,宋婧楠,王博.数字化转型信息披露的价值效应研究——来自概念炒作的证据[J].经济与管理研究,2023,44(8):17-37.DOI:10.13502/j.cnki.issn1000-7636.2023.08.002.

　　

　　

The Value Effect of Information Disclosure in Digital Transformation—Evidence from Conceptual Hype

MA Lianfu, SONG Jingnan, WANG Bo

(Nankai University, Tianjin 300071)

　　

　　Abstract: Information disclosure is an effective way for enterprises to convey important information to external parties, demonstrate their digital transformation, and attract market attention. Based on the imbalance between information disclosure and actual performance, this paper discusses the value effect of the conceptual hype of digital transformation.

　　The results indicate that the conceptual hype has a significant negative value effect, which is not conducive to enhancing enterprises’ short-term and long-term performance. The negative effect is reinforced due to enterprises’ motivation to conceal their sluggish transformation, acquire resources, follow popular trends, manipulate market value, and prioritize the private interests of major shareholders. The mechanism analysis reveals that the conceptual hype of digital transformation increases the risk of bankruptcy, reduces the risk-taking level, intensifies the volatility of stock returns, weakens the pricing efficiency of the capital market, and thus produces a negative value effect. Further discussions show that retail investors are unable to identify the conceptual hype, while institutional investors can distinguish it through field research and other methods. Finally, investors, especially retail investors, should focus on the actual input and outcomes of digital transformation in information disclosure and media reports, to mitigate investment risks resulting from the conceptual hype.

　　The possible contributions of this paper are as follows. First, it provides a new perspective to examine the digital transformation of enterprises. This paper divides the sample of enterprises with exaggerated disclosure and evaluates the value effect of the conceptual hype, arguing that enterprises may use the momentum of digital transformation to engage in the conceptual hype, thus damaging their short-term and long-term values. This extends the research on the economic consequences of digital transformation by shifting focus from enterprises’ promises to their actual actions. Second, it enriches the research on information manipulation and firm value. In digital transformation, firms may engage in information manipulation to acquire resources, market value manipulation, and satisfy major shareholders to obtain private interests. However, this information disclosure strategy should not be advocated. Finally, it has specific practical significance. Facing complicated information, investors should combine data information with text information and consult external news media reports to make rational decisions. At the same time, regulators should standardize the information disclosure standards of digital transformation, strictly fight against the conceptual hype, and reinforce investor protection, to mitigate any adverse effects of text information manipulation on firm value and capital market.

　　Keywords: digital transformation; conceptual hype; value effect; investor protection; information disclosure governance