企业数字化转型与年报语调管理——基于产权性质与行业竞争程度的调节视角

Corporate Digital Transformation and Annual Report Tone Management—A Moderating Perspective Based on Property Rights and Industry Competition Level

摘要: 数字化转型是适应数字经济发展的主动选择，企业数字化转型对管理层信息披露行为的影响值得关注。基于信息传递理论和印象管理理论，本文以2012~2023年沪深A股上市公司为研究样本，实证检验了数字化转型与年报语调管理的关系，研究结果表明：企业数字化转型会促使年报语调管理，与年报净语调呈正相关。基于产权性质差异性检验发现，在国有企业中，数字化转型对年报语调的提升更为显著；基于行业竞争程度差异检验发现，在激烈的行业竞争背景下，数字化转型对年报语调的提升作用反而会削弱。

Abstract: Digital transformation is an active choice to adapt to the development of the digital economy, and the impact of enterprise digital transformation on management’s information disclosure behavior deserves attention. Based on the theories of information transmission and impression management, this article takes A-share listed companies in Shanghai and Shenzhen from 2012 to 2023 as research samples to empirically test the relationship between digital transformation and annual report tone management. The research results show that digital transformation of enterprises will promote annual report tone management, which is positively correlated with annual report net tone. Based on the difference in property rights, it was found that in state-owned enterprises, digital transformation has a more significant impact on improving the tone of annual reports; Based on the difference in industry competition level, it was found that in the context of fierce industry competition, the role of digital transformation in improving the tone of annual reports will actually weaken.