数字化转型能否提高企业风险承担水平?

Can Digital Transformation Improve Enterprise Risk-taking?

在数字经济快速发展的背景下,数字化转型作为企业生存和发展的重要战略,对风险承担水平有何影响值得关注。基于此,文章以2010-2020年中国A股上市公司为研究对象,实证检验数字化转型对企业风险承担水平的影响。研究发现:数字化转型能够显著提高企业风险承担水平,数字化转型程度越高,企业风险承担水平越高;相较于国有企业,数字化转型对非国有企业风险承担水平的提升作用更强;数字化转型能够提高企业的投资效率、内部控制质量以及财务稳定性,以上构成了数字化转型影响企业风险承担水平的主要路径。拓展性分析表明,数字化转型通过提高企业风险承担水平从而提升企业价值。研究结论丰富了数字化转型与企业风险承担水平领域的相关文献,明晰了数字化转型对企业风险承担水平的影响路径,同时为推进数字化转型、提高企业风险承担水平提供了参考。

Under the background of the rapid development of the digital economy,as an important strategy for enterprise survival and development,how digital transformation works on enterprise risk-taking deserves attention.Based on this,the author takes China's A-share listed companies from 2010 to 2020 as sample,and empirically analyses the impact of digital transformation on enterprise risk-taking.The results show that:digital transformation can significantly improves enterprise risk-taking,the higher level of digital transformation,the higher enterprise risk-taking;compared with state-owned enterprises,digital transformation exerts a more obvious effect on enterprise risk-taking in non-state-owned enterprises;digital transformation can improve investment efficiency,internal control quality and financial stability,which constitutechannels via which digital transformation affects enterprise risk-taking.Further analysis shows that digital transformation improves enhances enterprise value by improving the level of enterprise risk-taking.The conclusions enrich the relevant literature in the field of digital transformation and enterprise risk-taking,clarify the mechanism of how enterprise digital transformation affects enterprise risk-taking and provide a reference for promoting digital transformation and enterprise risk-taking.