经济与管理2025，Vol.39Issue(3)：75-83,9.
数字化转型信号、投资者互动与股价同步性
Digital Transformation Signals,Investor Interaction,and Stock Price Synchronicity
摘要
Abstract
The digital transformation signal conveys the company's attitude towards digital transformation to the capital market,and pos-itive feedback from the capital market is the driving force for the company's digital transformation.Based on the perspective of stock price synchronicity,this article examines whether digital transformation signals can improve the pricing efficiency of the capital market and,on this basis,explores the moderating role of investor interaction in it.It was found that digital transformation signals of enterpri-ses can be integrated into stock prices as trait information,ultimately reducing stock price synchronicity.The moderating effect indi-cates that the interaction between investors and listed companies plays a positive moderating role between digital transformation signals and stock price synchronicity.Further research has found that the weaker the investor's information ability and the greater the investor's information demand,the more significant the reduction effect of digital transformation signals on stock price synchronicity,and the more significant the positive moderating effect of investor interaction between the two.关键词
数字化转型信号/股价同步性/投资者互动/资本市场定价效率Key words
digital transformation signals/stock price synchronicity/investor interaction/pricing efficiency of the capital market分类
管理科学引用本文复制引用
牛彪,杜雨晴..数字化转型信号、投资者互动与股价同步性[J].经济与管理,2025,39(3):75-83,9.
