年报数字化转型披露与上市公司信息披露质量

Annual Report Digital Transformation Disclosure and Information Disclosure Quality of Listed Companies

摘要: 本文以2013~2024年中国A股上市公司为研究样本，利用年报数字化转型关键词词频数据和信息披露质量评级数据，考察年报数字化转型文本披露强度与上市公司信息披露质量之间的关系。研究发现，年报数字化转型披露与信息披露质量显著正相关，且在替换变量测度方式、调整被解释变量口径以及剔除疑似空泛披露样本后，结论总体保持稳健。进一步分析表明，不同类型数字技术披露与信息披露质量的关系存在差异，其中人工智能技术披露和数字技术运用披露的正向关系更为明显，区块链技术披露在当前样本中呈现负向关系；异质性分析显示，该正向关系在制造业企业和中西部地区企业中更为突出。需要说明的是，本文采用关键词词频法，研究结论主要反映数字化转型文本披露强度与信息披露质量之间的相关关系，不能直接等同于企业真实数字化转型程度或披露实质性的因果影响。

Abstract: This study uses Chinese A-share listed companies from 2013 to 2024 as the research sample and examines the relationship between annual report digital transformation disclosure and the information disclosure quality of listed companies based on keyword-based word-frequency data from annual reports and information disclosure quality ratings. The results show that annual report digital transformation disclosure is significantly and positively associated with information disclosure quality, and this finding remains generally robust after replacing the measurement of digital transformation disclosure, adjusting the measurement of information disclosure quality, and excluding samples with possible symbolic disclosure. Further analysis indicates that the associations vary across different types of digital technology disclosure. In particular, artificial intelligence technology disclosure and digital technology application disclosure show more pronounced positive associations with information disclosure quality, while blockchain technology disclosure presents a negative association in the current sample. Heterogeneity analysis further shows that the positive association is more prominent among manufacturing enterprises and enterprises located in central and western regions. It should be noted that this study adopts a keyword-based word-frequency method; therefore, the findings mainly reflect the association between textual disclosure intensity and information disclosure quality, rather than causal evidence on firms’ actual level of digital transformation or the substantive nature of disclosure.