数字经济与企业风险承担:管理自主权的调节效应

Digital Economy and Corporate Risk Taking: The Moderating Effects of Managerial Discretion

数字经济作为中国经济高质量增长的核心动力,对微观企业投资决策的重要性日益凸显。基于2011—2019年中国沪深两市A股上市公司数据,实证检验了数字经济发展对企业风险承担的影响及作用机制。研究发现:数字经济发展显著提升了企业风险承担水平,管理自主权在数字经济与企业风险承担关系中发挥了正向调节作用,其中组织自主权、特殊情境自主权会发挥正向调节作用,而环境自主权的调节作用不显著;数字经济对企业风险承担水平的提升作用在新兴优势行业中更强。

Digital economy,as the core driving force of China ’s high-quality economic growth,has become increasingly important for micro enterprises ’ investment decisions.Based on the data of A-share listed companies in China ’s Shanghai and Shenzhen stock markets from2011 to 2019,we empirically examine the impact and mechanism of digital economy development on corporate risk-taking.We find that the development of digital economy significantly improves the level of corporate risktaking.By analyzing its mechanism of action,we find that managerial discretion plays a positive moderating role in the relationship between digital economy and corporate risk-taking.Among it,organizational autonomy and special situational autonomy play a positive moderating role.However,the moderated effect of environmental autonomy is not significant.Further heterogeneity analysis finds that the role of digital economy in increasing the level of corporate risk-taking is stronger in emerging advantageous industries.This paper theoretically enriches related research in the field of digital economy and corporate risktaking and provides useful suggestions for promoting the deep integration of digital economy and real economy in practice.