| Variable Category | Variable Name | Symbol | Measurement Method | Data Source |
| Dependent Variable | Asset Mispricing | |Deviation| | Absolute value of 1 minus the ratio of intrinsic value to market value (V/P), as shown in Formula (1) | CSMAR |
| Independent Variable | Readability of digital transformation information disclosure | Readability | According to the readability measurement method proposed by | Annual reports of listed companies |
| Moderating Variables | Media Attention | Media_Att | Natural logarithm of the total number of news headlines mentioning the company throughout the year (plus 1) | CEDS |
| High-Tech Industry Affiliation, i.e. Technology Intensity | High_Tech | Value is 1 if the enterprise belongs to the high-tech industry according to “the Classification of High-Tech Industries (Manufacturing Industry) | See 4.2 for details | |
| Control Variables | Company Size | Ln_Size | Natural logarithm of total annual assets | CSMAR |
| Years Listed | FAge | Ln (current year − listing year + 1) | CSMAR | |
| Return on Total Assets | ROA | Net profit/Average total assets | CSMAR | |
| Tobin’s Q | TobinQ | (Market value of tradable shares + Non-tradable shares × Net asset value per share + Book value of liabilities)/Total assets | CSMAR | |
| Duality of Roles | Dual | 1 if the chairman and general manager are the same person; otherwise, 0 | CSMAR | |
| Largest Shareholder’s Stake | Top1 | Number of shares held by the largest shareholder/Total number of shares | CSMAR | |
| State-Owned Enterprise | SOE | 1 for state-owned holding enterprises, 0 for others | CSMAR | |
| Annual Report Readability | All_ Readability | Refer to the “Readability” calculation method to calculate the readability of the “Management Discussion and Analysis” section in the annual report. | Annual reports of listed companies |