The impact of MD&A digital transformation information disclosure on stock price synchronicity in China

IF 3.8 3区经济学 Q1 BUSINESS, FINANCE

North American Journal of Economics and Finance Pub Date : 2024-07-31 DOI:10.1016/j.najef.2024.102253

Jinwen Guo , Jiangjiao Duan

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Abstract

With the continuous development of the global digital economy, digital transformation has become an important path for enterprises. The management discussion and analysis (MD&A) section of listed companies’ annual reports has progressively incorporated detailed information on their ongoing digital transformation efforts, reflecting the growing significance of this trend in corporate reporting. This paper uses data from 2011 to 2022 of A-share listed companies in China to investigate whether and how the MD&A digital transformation information affects the stock price synchronicity. The frequency of keywords related to digital transformation within the MD&A section of the annual report is analyzed and measured to quantify digital transformation information. The results show that digital transformation information in MD&A can significantly reduce stock price synchronicity. Further mechanism tests show that analyst and media act as information intermediaries to disseminate more firm-specific information to the market. In addition, heterogeneity tests show that this effect is mainly reflected in state-owned companies and larger companies. These findings provide valuable insights for policymakers, investors, and regulators in planning regulations.

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MD&A 数字化转型信息披露对中国股价同步性的影响

随着全球数字经济的不断发展，数字化转型已成为企业发展的重要路径。上市公司年报中的管理层讨论与分析（MD&A）部分已逐步纳入了其正在进行的数字化转型工作的详细信息，反映了这一趋势在企业报告中的重要性与日俱增。本文利用中国A股上市公司2011年至2022年的数据，研究MD&A数字化转型信息是否以及如何影响股价同步性。通过分析和测量年报MD&A部分中数字化转型相关关键词的出现频率，对数字化转型信息进行量化。结果表明，MD&A 中的数字化转型信息会显著降低股价同步性。进一步的机制检验表明，分析师和媒体作为信息中介向市场传播了更多的公司特定信息。此外，异质性检验表明，这种效应主要体现在国有企业和大型企业中。这些发现为政策制定者、投资者和监管者规划法规提供了有价值的启示。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

North American Journal of Economics and Finance Multiple-

CiteScore

7.30

自引率

8.30%

发文量

168

期刊介绍： The focus of the North-American Journal of Economics and Finance is on the economics of integration of goods, services, financial markets, at both regional and global levels with the role of economic policy in that process playing an important role. Both theoretical and empirical papers are welcome. Empirical and policy-related papers that rely on data and the experiences of countries outside North America are also welcome. Papers should offer concrete lessons about the ongoing process of globalization, or policy implications about how governments, domestic or international institutions, can improve the coordination of their activities. Empirical analysis should be capable of replication. Authors of accepted papers will be encouraged to supply data and computer programs.