Wang Hualing
School of Economics and Management, Quanzhou University of Information Engineering, Quanzhou, Fujian, China.
PLoS One. 2024 Dec 27;19(12):e0313623. doi: 10.1371/journal.pone.0313623. eCollection 2024.
Informed trading, driven by information asymmetry and market imperfections, varies in presence across markets. This form of trading not only distorts market transaction prices and hinders resource allocation but also initiates adverse selection transactions, increasing liquidity risks and potentially precipitating market crashes, thereby impeding the market's healthy development. Utilizing information asymmetry theory and principal-agent theory, this paper analyzes data from A-share listed companies from 2011 to 2022. Employing a fixed-effect model, it empirically examines the influence of enterprise digital transformation on the likelihood of informed trading. The findings demonstrate that enterprise digital transformation markedly reduces the likelihood of informed trading. Further analysis of heterogeneity indicates that, compared to state-owned, non-high-tech enterprises and enterprises in the western region, the inhibitory effect on informed trading is more pronounced in non-state-owned, high-tech enterprises and enterprises in the eastern and central regions. Additionally, the chain mediation effect underscores that digital transformation weakens information asymmetry and strengthens internal controls, thereby reducing informed trading. Finally, employing a dynamic panel threshold model we find that digital transformation can only significantly inhibit the informed transactions when enterprises have reached a certain level of technological and asset accumulation.
由信息不对称和市场不完善驱动的知情交易在不同市场中的存在情况各异。这种交易形式不仅扭曲市场交易价格、阻碍资源配置，还引发逆向选择交易，增加流动性风险并可能引发市场崩溃，从而阻碍市场的健康发展。本文运用信息不对称理论和委托代理理论，分析了2011年至2022年A股上市公司的数据。采用固定效应模型，实证检验了企业数字化转型对知情交易可能性的影响。研究结果表明，企业数字化转型显著降低了知情交易的可能性。进一步的异质性分析表明，与国有企业、非高科技企业和西部地区企业相比，非国有企业、高科技企业以及东部和中部地区企业对知情交易的抑制作用更为明显。此外，链式中介效应强调，数字化转型减弱了信息不对称并加强了内部控制，从而减少了知情交易。最后，运用动态面板门槛模型，我们发现只有当企业达到一定的技术和资产积累水平时，数字化转型才能显著抑制知情交易。
