摘要
随着数字经济的快速发展,制造业数字化转型已经成为推动其可持续发展的关键因素。本文基于2015~2023年中国制造业上市公司面板数据,实证分析了数字化转型对股票流动性的影响及其内在作用机制。研究发现,数字化转型显著提升了制造业上市企业的股票流动性。机制分析显示,数字化转型通过提高生产效率和增强投资者看涨情绪,从而促进股票流动性。进一步分析表明,不同区域和行业的异质性对数字化转型的影响效果具有显著调节作用。在经济增速较快的地区和低市盈率行业,数字化转型对股票流动性的促进作用更加显著。研究结论不仅丰富了数字化转型经济后果的相关文献,也为制造业企业及政策制定者如何利用数字化转型提升资本市场表现提供了实践指导。
With the rapid development of the digital economy,digital transformation in the manufacturing sector has become a critical driver of its sustainable development.Based on pan⁃el data from Chinese listed manufacturing companies from 2015 to 2023,this study empirically analyzes the impact of digital transformation on stock liquidity and its underlying mecha⁃nisms.The findings reveal that digital transformation significantly enhances the stock liquidity of manufacturing companies.Mechanism analysis shows that digital transformation promotes stock liquidity by improving production efficiency and boosting investor optimism.Further analysis in⁃dicates that regional and industry⁃level heterogeneities significantly moderate the effect of digit⁃al transformation.In regions with faster economic growth and industries with lower price⁃to⁃earnings ratios,the positive impact of digital transformation on stock liquidity is more pro⁃nounced.These findings not only enrich the literature on the economic consequences of digital transformation but also provide practical guidance for manufacturing enterprises and policymak⁃ers on leveraging digital transformation to enhance capital market performance.
作者
张虎
向宇
林宗海
Zhang Hu;Xiang Yu;Lin Zonghai(School of Statistics and Mathematics,Zhongnan University of Economics and Law,Wuhan 430073,China;School of Mathematics and Statistics,Hubei Minzu University,Enshi 445000,China)
出处
《数量经济研究》
2025年第4期1-20,共20页
The Journal of Quantitative Economics
基金
国家社会科学基金重大项目“中国金融安全统计监测、预警与对策研究”(23&ZD057)
全国统计科学研究项目重点项目“我国经济安全动态监测与风险防控机制研究”(2024LZ034)
湖北民族大学校内研究项目“企业数字化转型对绿色创新绩效的影响研究”(XN2337)的联合资助。
关键词
数字化转型
制造业
股票流动性
行业市盈率
Digital Transformation
Manufacturing
Sector Stock-Liquidity
Industry-Price-to-Earnings Ratio
