文献类型：期刊文献

英文题名：Enterprise digital transformation and IPO pricing efficiency: Evidence from IPO primary and secondary markets

作者：He, Yanan[1];Wu, Yifan[2];Zheng, Kai[3]

机构：[1]Shanghai Lixin Univ Accounting & Finance, Sch Accounting, Shanghai 201620, Peoples R China;[2]Nankai Univ, Business Sch, Tianjin 300071, Peoples R China;[3]East China Univ Sci & Technol, Sch Business, Shanghai 200237, Peoples R China

年份：2026

卷号：89

外文期刊名：FINANCE RESEARCH LETTERS

收录：;WOS:【SSCI(收录号:WOS:001639716100001)】；

基金：Shanghai Philosophy and Social Science Planning Project (Grant No. 2022ZJB002) .

语种：英文

外文关键词：Digital transformation; IPO underpricing; IPO pricing efficiency; Investor sentiment

摘要：While digital transformation is widely regarded as a key corporate strategy, its impact on capital market activities at the initial public offering (IPO) stage remains underexplored. This study investigates how digital transformation disclosures in IPO prospectuses affect pricing efficiency in China's A-share markets from 2011 to 2022. By decomposing overall underpricing, we find a nuanced dual effect: digital transformation has no significant impact on pricing in the institution-dominated primary market but significantly exacerbates underpricing in the retail-investor-driven secondary market. Economically, a one-standard-deviation increase in the digital narrative is associated with a 39.90% rise in secondary market underpricing. Mechanism analysis confirms that this effect operates primarily through amplified investor sentiment. Furthermore, this phenomenon is more pronounced in non-state-owned enterprises and non-high-tech firms, highlighting the critical roles of ownership structure, signal credibility, and pre-existing investor expectations shaped by a firm's technological identity. Our findings resolve a theoretical puzzle by integrating signaling theory with behavioral finance and offer practical implications for investors and regulators in the digital age.