文献类型：期刊文献

中文题名：数字战略策略性披露与高管机会主义减持

英文题名：Strategic Disclosure of Digital Strategy and Opportunistic Reduction of Executive Holdings

作者：李新娥[1];符号亮[2];郭文伟[2]

第一作者：李新娥

机构：[1]北京联合大学管理学院,北京100101;[2]广东财经大学金融学院,广东广州510320

第一机构：北京联合大学管理学院

年份：2025

卷号：46

期号：4

起止页码：64-75

中文期刊名：河北经贸大学学报

外文期刊名：Journal of Hebei University of Economics and Business

收录：;北大核心:【北大核心2023】；

基金：国家社会科学基金项目“数字技术进步对碳回弹的影响效应、赋能机制及优化研究”(24BJY135)。

语种：中文

中文关键词：数字战略;文本挖掘;策略性披露;高管机会主义减持

外文关键词：digital strategy;text mining;strategic disclosure;opportunistic share reduction by executives

摘要：近年来,证监会多次发布关于上市公司高管减持的规定,但是高管机会主义减持行为依旧频现,在信息披露存在人为操作空间的情况下,企业高管是否会利用数字战略策略性披露影响股价从而实现机会主义减持是值得探讨的问题。以沪深A股上市公司为样本,基于大数据挖掘构建了我国上市公司数字战略披露的策略性程度指标,研究了企业数字战略策略性披露对高管机会主义减持行为的影响与作用机制。研究发现:企业数字战略披露的策略性程度越高,高管机会主义减持行为越容易发生,且机会主义减持的规模更大、次数更多;高管减持行为会择机发生;企业数字战略策略性披露通过推动投资者情绪和利用媒体关注增加减持规模和次数。另外,在小规模企业、外部审计质量较低和非国有性质的企业中,高管机会主义减持行为受到的数字战略策略性披露的影响更为显著。
In recent years,the China Securities Regulatory Commission(CSRC)has issued several regulations concerning the share reduction behavior of executives in listed companies.However,opportunistic share reduction by executives continues to oc-cur frequently.Given the potential for discretionary manipulation in information disclosure,it is worth investigating whether corpo-rate executives may strategically utilize digital strategies in their disclosures to influence stock prices,thereby facilitating opportunistic share reductions.Taking A-share listed companies in Shanghai and Shenzhen as samples,this article constructs a digital in-formation strategic disclosure index for listed companies in China based on big data mining techniques,and studies the impact and mechanism of strategic disclosure of digital strategy on executive opportunistic reduction.Research findings indicate that the higher the degree of strategic disclosure of digital strategy by enterprises,the more likely it is for opportunistic reduction of executive holdings to occur,and the scale and frequency of opportunistic reduction are larger and more frequent.Executive share reduction tends to occur opportunistically.Corporate digital strategic disclosure increases the scale and frequency of opportunistic share reduction by influencing investor sentiment and media attention.Further research also reveals that the promotion effect of strategic disclosure of digital strategy on opportunistic reduction of executive holdings is more significant in small-scale enterprises,enter-prises with lower external audit quality,and non-state-owned enterprises.