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Does corporate digital transformation improve capital market transparency? Evidence from China

Author

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  • Gao, Bin
  • Qin, Mimi
  • Xie, Jun

Abstract

Digital transformation empowers enterprises with new kinetic energy for high-quality development. Can digital transformation enhance the transparency of thecapital market? This study constructs a digital transformation index and examines its impact on the information transparency of Chinese listed companies from the perspective of information senders. We find that digital transformation significantly enhances enterprise information transparency, and the relationship is more pronounced in non-technological enterprises, enterprises with high ownership concentration, and enterprises with high levels of intellectual property protection. Channel tests show that reducing management myopia and increasing news media supervision are possible mechanisms. Overall, our findings provide critical insights for improving the transparency construction of China’s capital market.

Suggested Citation

  • Gao, Bin & Qin, Mimi & Xie, Jun, 2025. "Does corporate digital transformation improve capital market transparency? Evidence from China," The North American Journal of Economics and Finance, Elsevier, vol. 76(C).
    • Handle: RePEc:eee:ecofin:v:76:y:2025:i:c:s1062940825000038
    DOI: 10.1016/j.najef.2025.102363
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    Keywords

    Digital transformation; Transparency; Information senders; Management myopia; News media supervision;
    All these keywords.

    JEL classification:

    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General

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