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<p>This study examines the impact of corporate digital transformation on stock price crash risk using panel data from Chinese listed firms. We construct a novel digital transformation index based on textual analysis and Word2Vec algorithms. Empirical results indicate that digital transformation exerts a significantly negative effect on crash risk. This effect is more pronounced in high-tech firms and less competitive markets, yet remains insensitive to digital infrastructure. This mitigating effect operates through reducing information asymmetry. Investor sentiment moderates this relationship, with the attenuating effect strengthening under high sentiment. Further analysis reveals that technology-oriented transformation generates a stronger effect than application-oriented transformation. These findings highlight the critical role of digital transformation in enhancing market transparency and financial stability.</p>

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Assessing the risk-mitigation effect of the Chinese stock market: evidence from corporate digital transformation

  • 期刊论文

  • 发表日期：

    2026年7月23日

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  • Yawei Guo,
  • Yiqing Lin,
  • Hongyi Ye,
  • Wanhai You

摘要

This study examines the impact of corporate digital transformation on stock price crash risk using panel data from Chinese listed firms. We construct a novel digital transformation index based on textual analysis and Word2Vec algorithms. Empirical results indicate that digital transformation exerts a significantly negative effect on crash risk. This effect is more pronounced in high-tech firms and less competitive markets, yet remains insensitive to digital infrastructure. This mitigating effect operates through reducing information asymmetry. Investor sentiment moderates this relationship, with the attenuating effect strengthening under high sentiment. Further analysis reveals that technology-oriented transformation generates a stronger effect than application-oriented transformation. These findings highlight the critical role of digital transformation in enhancing market transparency and financial stability.