企业数字化转型与金融市场稳定——基于尾部系统风险视角

The Digital Transformation of Enterprises and Financial Market Stability:From the Perspective of Systematic Tail Risk

数字化转型已成为引领企业迈向高质量发展的新动能,本文以A股上市公司为研究样本,考察企业数字化转型对尾部系统风险的非线性影响。研究发现:企业数字化转型与尾部系统风险间呈现U型关系。数字化转型通过影响信息质量和资金状况作用于个股的尾部系统风险。就信息质量而言,数字化转型与企业信息操弄程度和股价信息含量分别呈现U型和倒U型关系。就资金状况而言,数字化转型将降低企业内部现金充裕度,并增强企业金融投资趋势。此外,数字化转型对尾部系统风险的影响在有数字化研发项目、高管薪酬水平较低、财务风险水平较高、技术密集型行业以及地方金融监管强度较差的企业中更显著。本文为深化企业改革、维护金融市场稳定提供了经验证据。

Digital transformation has become a new driving force leading enterprises towards high-quality development.Using the sample of A-share listed companies,this paper examines the non-linear relationship between the digital transformation of enterprises and systematic tail risk.The results show that there is a U-shaped relationship between the digital transformation of enterprises and systematic tail risk.Digital transformation acts on the systematic tail risk of individual stocks by affecting information quality and capital position.In terms of information quality,digital transformation shows a U-shaped relationship with the degree of corporate information manipulation and an inverted U-shaped relationship with the stock price information content.In terms of capital position,digital transformation leads to a decrease in corporate internal cash sufficiency and an increase in the level of corporate financial investments.In addition,the impact of digital transformation on systematic tail risk is more pronounced in enterprises with digital R&D projects,lower levels of executive compensation,higher levels of financial risk,technology-intensive industries,and less intense local financial regulation.This paper provides empirical evidence for deepening corporate reform and maintaining financial market stability.