供应链视角下数字化转型对企业风险承担水平的影响

Impact of Digital Transformation on Corporate Risk-taking:A Supply Chain Perspective

基于2013-2021年中国沪深A股上市公司和国泰安数据库相关匹配数据,运用多元回归分析方法,在供应链视角下研究数字化转型对企业风险承担水平的影响及其作用机理。经过一系列筛选后,对来自2 377家企业的14 102个观测值进行研究,结果表明,数字化转型和供应链适应性对企业风险承担水平具有显著的正向作用,供应链集中度有显著负影响,且供应链适应性在数字化转型对风险承担水平的影响中发挥了部分中介效应。异质性分析结果表明,数字化转型、供应链集中度和供应链适应性对非国有企业风险承担水平的提升效果更显著。这一结论对促进企业实现数字化转型、提高行业对供应链管理的关注度及提升企业的风险承担水平具有一定的借鉴意义。

As the forerunner of global scientific and technological revolution and industrial transformation,digital technology and digital economy are increasingly integrated into all social and economic sectors.The digital transformation of the global economy has become an unshakable direction of development.Digital transformation has not only changed the production and operation mode inside an enterprise,but also pro-foundly affected the operation mechanism of the entire supply chain system.Although digital transformation can improve the efficiency and competitiveness of an enterprise,it also brings new risks in technology,securi-ty,and market,etc.,so while promoting digital transformation,the enterprise needs to focus on preventing and resolving such risks.In this paper,based on the relevant matching data of the Shanghai and Shenzhen A-share Market listed companies and the CSMAR database from 2013 to 2021,we used the multivariate regression analysis meth-od to establish a basic model and a mediating effect model to study the impact of digital transformation,sup-ply chain concentration and supply chain adaptability on the risk-taking level of the companies and the mechanism of action involved from a supply chain perspective.After a series of screening,we selected 14,102 observation values from 2,377 companies for analysis,and drew the following conclusions:digital transforma-tion and supply chain adaptability have significant positive effect on the risk-taking level of the companies,while supply chain concentration has significant negative impact,and both have passed a series of endogene-ity and robustness tests;supply chain adaptability plays a partial mediating role in the influence exerted by dig-ital transformation on the risk-taking level of the companies;and digital transformation,supply chain con-centration and supply chain adaptability have more significant impact on the risk-taking level of non-state-owned enterprises.Based on the research conclusions,the following management suggestions are put forward:enterprises should actively promote digital transformation,and improve supply chain transparency and flexibility by in-vesting in information technology,optimizing business processes and building data analysis capabilities,there-by enhancing their risk perception and response capabilities;while implementing digital transformation,the enterprises should pay attention to the balance between supply chain concentration and adaptability,avoid over-reliance on a small number of suppliers and customers,and at the same time improve supply chain adaptability to enhance their flexibility and risk-taking capabilities in a changing market;non-state-owned enterprises should make full use of their own advantages,increase investment in digital transformation,and at the same time optimize supply chain structure to improve their overall risk-taking and management level.