Can Digital Transformation Improve Corporate Risk-taking Level?

Abstract

Abstract: As a strategic choice for enterprises to seek competitive advantage in the era of digital economy, digital transformation plays an active role in broadening the access channels for enterprise resources and improving the use of enterprise information, thus having an important impact on enterprise behavior decisions. Using A-share listed companies in Shanghai and Shenzhen stock exchanges from 2010 to 2020 as the research sample, this paper applies the Python technology to examine the impact of digital transformation on corporate risk-taking and its internal mechanism. The study finds that digital transformation has significantly increased the level of corporate risk-taking. Heterogeneity analysis shows that the enhancing effect of digital transformation on corporate risk-taking is more pronounced in small enterprises, enterprises in growth and mature stages, and private enterprises. The mechanism test discovers that digital transformation has improved the risk-taking level of enterprises through two channels: Easing corporate financing constraints and reducing agency costs. This paper enriches the study on the economic consequence of enterprise digital transformation and the study on the influencing factors of corporate risk-taking, and has important reference significance for the implementation of the national digital policy and the implementation of enterprise risk decision-making.

Key words: Digital Transformation, Corporate Risk-taking, Financing Constraints, Agency Cost

摘要： 数字化转型作为数字经济时代下企业谋求竞争优势的战略选择,在拓宽企业资源获取渠道和提高企业信息使用程度等方面发挥着积极作用,对企业的行为决策有着重要影响。本文以2010—2019年沪深两市A股上市公司为研究样本,利用Python技术检验了数字化转型对企业风险承担的影响及其内在机理。结果显示,数字化转型显著提升了企业风险承担水平。异质性分析发现,在小型企业、处于成长期和成熟期的企业以及民营企业中,数字化转型对企业风险承担的提升作用更为明显。机制检验发现,数字化转型通过缓解融资约束和降低代理成本两条渠道带动提升企业风险承担水平。本文丰富了企业数字化转型的经济后果研究与企业风险承担的影响因素研究,对国家数字化政策的落实和企业风险决策的实施具有重要借鉴意义。

关键词: 数字化转型, 企业风险承担, 融资约束, 代理成本

CLC Number:

F275.5

WANG Huijuan, CHEN Xinkai, CHEN Wenqiang, ZHANG Lu. Can Digital Transformation Improve Corporate Risk-taking Level?[J]. Collected Essays on Finance and Economics, 2022, 38(12): 70-80.

王会娟, 陈新楷, 陈文强, 张路. 数字化转型能提高企业的风险承担水平吗?[J]. 财经论丛, 2022, 38(12): 70-80.

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