数字化转型程度、投资者情绪与股价崩盘风险——基于制造业市场的影响研究

• 作者： 徐绮琳 ¹
• 作者单位：
  1.  珠海科技学院
• 发布时间：2024-10-22

摘要: 数字化时代，制造业作为经济的重要支柱，不仅面临着数字化转型的挑战，还有着巨大的转型发展机遇。本文选取2010—2020年全部A股制造业上市公司数据作为研究样本，旨在探究企业数字化转型如何在投资者情绪与股价崩盘风险路径中发挥作用。研究表明：当投资者情绪高涨时，股价崩盘风险会相应增加。数字化转型对整个路径有负向调节作用；企业数字化转型程度越高，对投资者情绪高涨带来的股价崩盘风险抑制能力越强。综合以上结论，企业应积极推进数字化转型，以减少由投资者情绪高涨带来的股价崩盘风险。本文基于数字化转型程度，验证了数字化转型对股价崩盘风险的调节效应并提出了相关发展建议，以期为制造业和企业制定数字化转型战略提供参考。

Abstract: As a crucial pillar of the economy, the manufacturing industry has to meet the challenges of digitalization and large opportunities for transformation at the same time in the era of digital transformation. Using data from all A-share listed manufacturing companies from 2010 to 2020 as samples, this article aims to explore how corporate digital transformation plays a role in investor sentiment and the risk of stock price collapse. The research indicates that when the investors get more sentimental, the stock price collapse gets more risky. Digital trans formation has a negative regulatory effect on the entire pathway; the higher the degree of digital transformation of enterprises gets, the stronger the abilityto restrain the risk of stock price collapse caused by high investor sentiment becomes. In conclusion, companies should actively promote digital transformation to reduce the risk of stock price collapse caused by investors’ high sentiment. Based on the degree of digital transformation, this article verifi es the regulatory eff ect of digital transformation on the risk of stock price collapse and provides relevant development suggestions for the manufacturing industry and companies in formulating digital transformation strategies.

• 分类： 应用经济学 >> 金融学
• 稿件状态： 已在期刊出版
期刊名称： 《中国商论》 2024年 第2期
• 引用： PSSXiv:202410.02020 (或此版本 PSSXiv:202410.02020V1)
  DOI:10.19699/j.cnki.issn2096-0298.2024.02.122
  CSTR:32012.36.PSSXiv.202410.02020
• 推荐引用方式： 徐绮琳.数字化转型程度、投资者情绪与股价崩盘风险——基于制造业市场的影响研究.中国商论,2024(2).[DOI:10.19699/j.cnki.issn2096-0298.2024.02.122] (点此复制)