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Digital transformation of enterprises and the information content of stock prices: An analysis of the mediating effect based on accounting information quality

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  • Meng, Qingxing
  • Yuan, Ziyan
  • Hou, Yan

Abstract

With the rapid development of information technology, digital transformation (DGT) has become a key strategy for enterprises to enhance competitiveness and market transparency. However, the specific mechanism by which it influences the information content of stock prices (ICSP) has yet to be thoroughly researched. Empirical analysis using data from Chinese A-share listed companies between 2006 and 2023 shows that DGT significantly enhances the ICSP. DGT indirectly increases the ICSP by improving accounting information quality. Furthermore, the impact of DGT on the ICSP exhibits heterogeneity between competitive and non-competitive industries. The findings provide theoretical support for policymakers and business managers in promoting DGT, enhancing information transparency, and optimizing market structure.

Suggested Citation

  • Meng, Qingxing & Yuan, Ziyan & Hou, Yan, 2026. "Digital transformation of enterprises and the information content of stock prices: An analysis of the mediating effect based on accounting information quality," Finance Research Letters, Elsevier, vol. 102(C).
    • Handle: RePEc:eee:finlet:v:102:y:2026:i:c:s1544612326006173
    DOI: 10.1016/j.frl.2026.110088
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