经济政策不确定性对企业风险承担的影响:财务柔性和数字化转型的作用

The impact of Economic Policy Uncertainty on Corporate Risk-taking:The Role of Financial Flexibility and Digital Transformation

在充满挑战的VUCA时代下,经济政策不确定因素增多,宏观经济政策不确定性能影响到微观企业风险承担。选取我国A股上市公司的年度财务数据,实证分析经济政策不确定性与企业风险承担的关系,以及财务柔性和企业数字化转型在该作用路径下的中介和调节效应。研究发现,经济政策不确定性对企业风险承担具有显著正向影响;财务柔性对经济政策不确定性与企业风险承担之间的关系起中介作用;企业数字化转型能够正向调节经济政策不确定性与企业风险承担的关系。在经济政策不确定成为常态化下,该研究以期为企业风险研判和管理提供参考。

In the challenging era of VUCA,factors of economic policy uncertainty are increasing,and the uncer⁃tainty of macro-economic policy can affect the risk-taking of micro corporate.Based on the annual financial data of A-share listed companies in China,this paper empirically analyzes the relationship between economic policy uncer⁃tainty and corporate risk-taking,and the mediating and moderating effects of financial flexibility and corporate digi⁃tal transformation in this path.The results show that:Economic policy uncertainty has a significant positive impact on corporate risk-taking;financial flexibility mediates the relationship between economic policy uncertainty and cor⁃porate risk-taking;corporate digital transformation can positively regulate the relationship between economic policy uncertainty and corporate risk-taking.In the context of economic policy uncertainty becoming a normal situation,the results of this study are expected to provide a reference for corporate risk assessment and management.