企业集团现金分布、数字化转型与风险承担

Cash Distribution,Digital Transformation and Risk Taking in Enterprise Groups

基于2012一2021年中国沪深A股上市公司为样本进行研究,以子公司持现比率代理其现金分布情况,运用多元回归分析方法,研究现金分布对企业集团风险承担的影响,以及数字化转型对现金分布与企业集团风险承担之间关系的调节作用。研究发现,企业集团现金分布越分散,其风险承担能力越高;企业数字化转型越高,现金分布的分散度对提升企业集团风险承担能力效果越好。研究结论为数字化时代企业集团如何分布现金以提高风险承担能力提供了经验证据。

This paper selects China's Shanghai and Shenzhen A-share listed companies from 2012 to 2021 as samples,uses the cash holding ratio of subsidiaries as proxy for their cash distribution,and adopts multiple regression analysis to study the impact of cash distribution on enterprise group risk taking,as well as the moderating effect of digital transformation on the relationship between cash distribution and enterprise group risk taking.It is found that the more dispersed the cash distribution of enterprise group,the higher its risk bearing ability;The higher the enterprise's digital transformation,the better the effect of cash distribution dispersion on improving the enterprise group's risk bearing ability.The research conclusion provides empirical evidence for how enterprise groups distribute cash to improve their risk bearing ability in the digital age.