Digital Transformation and Secondary Market Pricing Efficiency: Empirical Evidence from Chinese A-share Listed Firms

DOI

10.2991/978-94-6239-787-3_80How to use a DOI?

Keywords

Digital Transformation; Stock Price Synchronicity; Pricing Efficiency; A-share Listed Firms; Market Capitalization Heterogeneity

Abstract

Against the background of digital economy construction and capital market high-quality development in China, this paper takes Shanghai and Shenzhen A-share listed companies from 2018 to 2023 as research samples, and empirically explores the impact of corporate digital transformation on secondary market pricing efficiency. Taking the mainstream annual report text word-frequency digital transformation index from CNRDS database as the independent variable, and stock price synchronicity calculated by CSMAR database as the proxy index of pricing efficiency (lower synchronicity means higher pricing efficiency), this paper constructs a panel fixed-effect regression model. This paper only verifies two core hypotheses: baseline effect hypothesis and market capitalization heterogeneity hypothesis. The study concludes that: Corporate digital transformation significantly reduces stock price synchronicity, improves the incorporation efficiency of firm-specific information into stock prices, and further elevates secondary market pricing efficiency. Heterogeneity results show that the optimization effect of digital transformation is more pronounced in listed firms with market capitalization below 5 billion RMB. After lagged variable replacement, extreme value winsorization and fixed effect adjustment, the conclusion remains robust. This paper enriches the research on digital finance and capital market information efficiency, and provides empirical enlightenment for A-share firms to optimize digital layout and regulators to improve capital market pricing function.

Copyright

© 2026 The Author(s)

Open Access

Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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TY  - CONF
AU  - Wenrui Ma
PY  - 2026
DA  - 2026/09/29
TI  - Digital Transformation and Secondary Market Pricing Efficiency: Empirical Evidence from Chinese A-share Listed Firms
BT  - Proceedings of the 2026 4th International Conference on Management Innovation and Economy Development (MIED 2026)
PB  - Atlantis Press
SP  - 822
EP  - 831
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6239-787-3_80
DO  - 10.2991/978-94-6239-787-3_80
ID  - Ma2026
ER  -