摘要
智慧城市建设是城市信息化水平提升的重要驱动力量,其是否会对企业信息披露质量产生影响?将智慧城市建设试点视为信息化冲击的准自然实验,检验信息化冲击对企业信息披露质量的影响。首先,基于文本挖掘方法,从2008—2020年中国沪深A股上市企业年报中提取信息,测算企业年报内容可读性指标,以反映企业信息披露质量。然后,基于2008—2020年中国沪深A股上市企业和地级市匹配面板数据,使用多期双重差分法评估信息化冲击对企业信息披露质量的影响。结果显示:智慧城市建设试点所产生的信息化冲击会显著提升企业信息披露质量。机制分析表明,信息化冲击通过强化外部监督和改善内部治理的途径,改善了企业信息披露质量。此外,异质性检验说明,智慧城市建设试点所产生的信息化冲击对提升非国有企业、小规模企业和中西部地区企业的信息披露质量作用更为明显。因此,应充分利用智慧城市建设试点的政策红利,赋能企业信息披露质量提升。
The construction of smart cities serves as a pivotal driving force for urban digitalization.Does the construction of smart cities matter for corporate information disclosure?We employ text-based tools to calculate the corporate information disclosure quality index.Then,this paper constructs a staggered Differences-in-Differences method and examines the causal effect and informatization impact on corporate information disclosure quality,which selects the matching panel data of China s A-share listed enterprises and prefecture-level cities from 2008 to 2020.The result shows that the informatization impact caused by smart city construction has a significant positive impact on corporate information disclosure quality.Further mechanism analysis indicates that the impact of informatization has effectively promoted the improvement of information disclosure quality by strengthening external supervision and improving internal governance.Furthermore,results in heterogeneity analysis show that,compared with state-owned enterprises,large-scale enterprises and enterprises in the eastern region,the impact of informatization on non-state-owned enterprises,small-scale enterprises and enterprises in the central and western regions is more significant.These conclusions offer insights for refining smart city construction policies and empowering the enhancement of corporate information disclosure quality.
作者
王亮
张宇
WANG Liang;ZHANG Yu
出处
《产经评论》
CSSCI
北大核心
2024年第1期34-47,共14页
Industrial Economic Review
关键词
信息化
智慧城市建设试点
企业信息披露质量
内部治理
外部监督
informatization
smart city policy
corporate information disclosure quality
internal governance
external monitoring
