区块链赋能下多元化发展对企业风险承担水平的影响——基于数字经济时代视角

Research on the Impact of the Diversified Development of Enterprises on Their Risk-taking Levels under the Empowerment of Blockchain:Based on the Perspective of the Digital Economy Background

在企业选择新型多元化发展模式后,如何依托数字化区块链技术赋能,提升企业风险管理能力,为企业微观层面的风险识别、防范及应对治理提供思路与方向,是值得研究的重大理论和实践问题。基于数字经济背景,探究区块链赋能下多元化发展对企业风险承担水平的影响,选取我国2016—2019年A股上市公司数据研究发现:多元化发展降低了企业的风险承担水平,特别是在模式异质多元化、生态系统多元化及国有企业中;非国有企业依托区块链技术赋能,缓冲了多元化对企业风险承担水平的抑制作用;内部控制在多元化发展抑制企业风险承担水平作用中发挥了制衡作用;代理成本则作为中介路径传导了多元化发展对企业风险承担水平的抑制作用。基于上述发现,结合数字化转型的现实背景,提出探索我国企业依托区块链赋能、寻找提升风险承担能力可行路径的政策建议。

After Enterprises choose a new diversified development model,how to rely on the digital blockchain technology to enhance the risk-bearing capacity of enterprises,and provide ideas and directions for risk identification,prevention and governance at the micro level of enterprises,significant theoretical and practical issues worthy of study.Based on the background of digital intelligent economy,this paper explores the impact of diversified development empowered by blockchain on the level of corporate risk-taking.Selecting my country’s 2016-2019 A-share listed company data research found that:diversified development reduces the level of risk-taking of enterprises,especially in heterogeneous diversification of models,diversified ecosystems,and state-owned listed enterprises.In non-state-owned enterprises,relying on the empowerment of blockchain technology can achieve an inhibitory effect on diversification and reduce the level of enterprise risk exposure.Internal control has played a buffer role in the role of diversified development in restraining the level of enterprise risk-taking,and agency costs as an intermediary path conducts the restraining effect of diversified development on the level of enterprise risk-taking.The above findings are based on the realistic background of the transformation of digital intelligence,and explore Chinese enterprises relying on blockchain empowerment to find feasible ways to improve their risk-bearing ability.