智慧城市建设能否提高资本市场信息效率？

Can Smart City Construction Improve the Information Efficiency of Capital Market?

中文关键词:  智慧城市建设  信息效率  股价同步性  媒体关注  机构投资者  资本市场

英文关键词:smart city construction  information efficiency  stock price synchronicity  media attention  institutional investors  capital market

中文摘要:

      智慧城市建设是推动数据要素治理、促进城市高质量发展的重要战略,可以改善上市公司的营商信息环境。以股价同步性为切入点,基于2007—2019年中国城市和上市公司数据,采用双重差分法实证检验了智慧城市建设对资本市场信息效率的影响。研究发现:智慧城市建设显著降低了公司股价同步性,提高了资本市场信息效率。中介效应检验显示,媒体关注度的提高和机构投资者实地调研次数的增加是智慧城市建设促进资本市场信息效率提升的内在机制。进一步研究发现,智慧城市建设对所处地区市场化程度较低、交通基础设施薄弱,以及内部两类代理成本较高的企业起到了更大的信息增量作用。因此,政府要进一步深化智慧城市建设,以“产业数字化”和“数字产业化”为主线建设高质量资本市场；同时,企业要顺应数字经济发展趋势,通过数字赋能健全信息披露机制。

英文摘要:

      As an important strategy for catalyzing data governance and high-quality urban development, smart city construction is conducive to building sound business information environment for listed firms. Based on the theory of stock price synchronicity and data of China's cities and listed firms from 2007 to 2019, this paper employs the difference-in-differences to empirically test the impact of smart city construction on the information efficiency of capital market. It is found that smart city construction significantly lowers stock price synchronicity while improving the information efficiency of capital market. According to the mediation test, it is the increasing media attention and field trips conducted by institutional investors that drive smart city construction to improve the information efficiency of capital market. Further research reveals that smart city construction makes more information accessible to firms featuring low regional market economy, poor traffic infrastructure and high agent and client costs. Therefore, the government is expected to further facilitate smart city construction by setting up high-quality capital market characterized by industrial digitalization and digital industrialization. Meanwhile, Chinese firms are to follow the trend of digital economy by improving information disclosure through digital fuel. 