Abstract:Information disclosure is a vital part of the healthy and orderly operation of the securities market. For investors, the quality of company information disclosure is an important guarantee for the realization of value investment. Using panel data of A-share listed companies in Shenzhen Stock Exchange from 2010 to 2020, this paper empirically investigates the impact of enterprise digital transformation on information disclosure quality. The results show that digital transformation can significantly improve the information disclosure quality of China's Listed Companies, and this conclusion is still valid after dealing with endogenous problems and conducting a variety of robustness tests. Mechanism analysis shows that digital transformation improves the information disclosure quality by optimizing the quality of internal control and improving financial stability. Further analysis found that diversification and financing constraints will weaken the lifting effect of digital transformation on the quality of information disclosure, while the improvement of industry concentration will strengthen this positive impact, and compared with the non-high-tech enterprises and enterprises located in the central and western regions, digital transformation has a more obvious effect on improving the information disclosure quality of high-tech enterprises and enterprises located in the eastern region.