主题：Corporate Digitalization: Firm-level Measurement and Effects
主讲人：黄生 教授
主持人：刘起贵 教授
时间：2023年4月10日 上午10：00
地点：电竞博彩
214室
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内容摘要：
We use machine learning techniques to construct a firm-level measure of digitalization for U.S. public firms: the share of their quarterly earnings conference calls devoted to digitalization. We validate our measure by showing that it correctly identifies calls with extensive conversations on digitalization, that it varies intuitively over time and across industries that is consistent with the general trend in corporate digitalization practice, that it correlates with firm decisions that are highly indicative of a firm’s investment in digitalization, and that it is significantly related with measures constructed using the same method but based on other firm disclosure. We find a strong industry peer effect in corporate digitalization, consistent with the complementary role of industry practice in a firm’s digitalization. Moreover, firms with more growth potential, greater financial strength, or higher industry competitiveness have a higher level of digitalization. Lastly, we document a positive impact of digitalization on firm performance and valuation and present novel evidence for improvement in both operational efficiency and productivity as the underlying channels of the effect of digitalization.
主讲人简介：
黄生博士是中欧国际工电竞博彩
金融学教授。加入中欧之前，他任教于新加坡管理大学李光前电竞博彩
。黄博士毕业于美国华盛顿大学（圣路易斯）获得经济学博士学位，并在英国剑桥大学获得经济学硕士学位和北京大学历史学与经济学双学士学位。他的研究兴趣主要集中在公司财务、并购与重组、公司治理、金融中介、投资、金融科技和企业数字化转型等方面。黄博士的研究成果发表在众多知名学术期刊上，如《金融研究评论》、《管理科学期刊》、《当代会计研究》、《金融中介期刊》、《财务与量化分析期刊》等。此外，黄博士还是《金融学期刊》、《金融研究评论》、《管理科学期刊》等顶尖期刊和香港研究基金委员会、荷兰科学研究委员会的特邀评审员。他是美国金融协会、西部金融协会、欧洲金融协会和金融中介研究学会的成员。
