管理世界 | 使用 经营讨论与分析 测量 企业数字化
使用 经营讨论与分 文本数据，测量企业的数字化指标，代码实现过程参考2021管理世界的一篇论文。This paper conducted a research on the impact of corporate digital transformation on stock liquidity, by means of data from 2007~2018 of A-share listed companies in China. This paper empirically tested the impact,mechanisms and external basic conditions of corporate digital transformation on stock liquidity. The main conclusions are as fol⁃ lows. Firstly, corporate digital transformation has significantly improved the level of stock liquidity. In particular, there are significant asymmetric effects under different corporate attributes and characteristics, which is the digital transformation of non-state-owned enterprises and high-tech enterprises can raise the level of stock liquidity in the market. Secondly, corporate digital transformation can improve the problem of information asymmetry, increase market investors' expectations, and optimize the input and output of enterprise innovation, and therefore improve the quality and efficiency of corporate operations. All of these will contribute to the improvement of corporate stock liquidity. Thirdly, effective external conditions are the important foundation for corporate digital transformation to work effective⁃ ly. Moreover, a good foundation for the development of financial technology plays a positive moderating effect in the "corporate digital transformation—stock liquidity" relationship....
