企业数字化、政府补助与企业风险承担

Digitalization of Enterprises,Government Subsidies,and Enterprise Risk Taking

基于2010—2021年沪深A股上市公司数据,研究企业数字化对风险承担的影响以及政府补助在其中发挥的调节作用。研究表明:企业数字化对风险承担存在显著提升效应,数字化提升风险承担在低市场化地区的效果更显著,且只在民营企业和非高科技企业中发挥效应;数字化能够缓解企业内外部信息不对称,进而提高企业风险承担水平;政府补助能提高企业的风险承担水平,同数字化之间产生替代效应,削弱数字化对企业风险承担的影响。研究结果为企业数字化和风险承担相关研究提供新视角,对数字化发展和相关政策实施具有一定的启示意义。

This article is based on the data of A-share listed companies in Shanghai and Shenzhen Stock Exchanges from 2010 to 2021 to study the impact of enterprise digitization on risk taking and the moderating role of government subsidies in it.The research shows that first,digitalization of enterprises has a significant enhancing effect on risk taking.The effect of digitalization on risk taking is more significant in low marketization areas,and only plays a role in private enterprises and non-high-tech enterprises.Second,digitalization can alleviate the information asymmetry inside and outside enterprises,thereby increasing their risk taking.Third,government subsidies can enhance enterprise risk taking,create a substitution effect with digitalization,and weaken the impact of digitalization on enterprise risk taking.The research results provide a new perspective for research on enterprise digitization and risk-taking,and have certain enlightening significance for digital development and related policy implementation.