Heterogeneity analysis.

Purpose
The purpose of this paper is to study the impact of enterprises’ digital transformation on the risk of stock price crashes, but also to study the mediating role of enterprises’ financialization and accounting conservatism in the enterprises’ digital transformation on stock price crash risk.
Design/methodology/approach
Based on the data of 2,599 listed companies in China from 2010 to 2019, this paper constructs indicators of enterprise digital transformation through word frequency analysis method, and uses fixed-effects model and mediated-effects model to explore the impact and mechanism of enterprise digital transformation on the stock price crash risk.
Findings
This study shows that firms’ digital transformation reduces the risk of stock price crashes and that financialization of firms and accounting conservatism play a significant mediating effect between enterprises’ digital transformation and the risk of stock price crashes.
Originality/value
This study enriches the study of stock price crash risk by including digital transformation in the field of stock price crash research, and it examines the mediating roles of financialization of enterprises and accounting conservatism, which provides a new explanatory mechanism to the study of the correlation between digital transformation of enterprises and the risk of stock price crash.

研究目的：本文旨在探究企业数字化转型对股价崩盘风险（stock price crash risk）的影响，同时分析企业金融化（enterprise financialization）与会计稳健性（accounting conservatism）在企业数字化转型影响股价崩盘风险过程中的中介作用。
研究设计与方法：本文以2010至2019年中国2599家上市公司的面板数据为基础，通过词频分析法构建企业数字化转型评价指标，并运用固定效应模型（fixed-effects model）与中介效应模型（mediated-effects model），深入探究企业数字化转型对股价崩盘风险的影响及其作用机制。
研究发现：本研究结果表明，企业数字化转型能够显著降低股价崩盘风险，且企业金融化与会计稳健性在企业数字化转型与股价崩盘风险的关联路径中发挥了显著的中介效应。
研究价值与创新点：本研究将数字化转型纳入股价崩盘风险的研究范畴，丰富了该领域的相关研究；同时检验了企业金融化与会计稳健性的中介作用，为企业数字化转型与股价崩盘风险之间的相关性研究提供了全新的解释机制。