风险承担水平何以促进企业数字化转型“少言多行”

How Risk-Taking Levels Promote the"Less Talk,More Action"Approach to Enterprise Digital Transformation

在经济不确定性背景下,企业控制风险承担水平和进行数字化转型的价值日益凸显。基于2010—2021年中国沪深A股上市公司数据,本文考察了企业风险承担水平对数字化转型的影响。结果表明,企业风险承担水平促进数字化转型“少言多行”,结论通过了稳健性和内生性检验,且企业创新和数字化转型同群效应在该影响中起到了调节作用。异质性分析表明,在数字化转型言行一致的企业、国有企业和服务业企业中,企业风险承担水平对数字化转型的促进效应更强。由此,本文从两方面提出建议,政府要加强数字化基础设施建设,注重差异化施策,助力企业数字化转型;企业应整合资源提升自身风险承担水平。

Economic uncertainty highlights the value of controlling risk-taking levels and undertaking digital transformation for enterprises.Based on data from A-share listed companies in Shanghai and Shenzhen from 2010 to 2021,this paper examines the impact of corporate risk-taking levels on digital transformation.The results indicate that corporate risk-taking levels promote a"less talk,more action"approach to digital transformation.These findings are validated through robustness and endogeneity tests,and corporate innovation and digital transformation peer effects play a moderating role in this impact.Heterogeneity analysis reveals that the promoting effect of risk-taking levels on the"less talk,more action"approach to digital transformation is stronger in companies with consistent digital transformation rhetoric and actions,state-owned enterprises,and service industry enterprises.This paper puts forward suggestions from two aspects,the government should strengthen digital infrastructure construction and adopt differentiated policies to assist enterprise digital transformation,while companies should integrate resources to enhance their risk-taking levels.