The Impact of Enterprise Digitization on Investor Protection: Evidence from China

This paper takes China listed companies from 2011 to 2021 as a sample to explore the impact of digital transformation on investor protection. The study finds that the digital transformation of enterprises improves the level of investor protection, and the intermediary mechanism test shows that digital transformation improves the level of investor protection by improving corporate transparency. Further analysis shows that the level of enterprise risk exposure has a negative moderating effect in the process of improving the level of investor protection in the process of enterprise digital transformation, while executive shareholding and corporate ESG disclosure have a substitute role. This paper provides important enlightenment for protecting investors' interests, enhancing investors' investment confidence, and increasing the proportion of direct financing.