数字化转型与企业风险承担行为研究  

Digital Transformation and Firm Risk-taking Behaviors

作　　者：林菁[1] 仲继银[2] LIN Jing;ZHONG Jiyin(School of Economics,University of Chinese Academy of Social Sciences,Beijing 102488,China;Institute of Economics,Chinese Academy of Social Sciences,Beijing 100836,China)

机构地区：[1]中国社会科学院大学经济学院,北京102488 [2]中国社会科学院经济研究所,北京100836

出　　处：《经济经纬》2022年第6期108-117,共10页Economic Survey

基　　金：国家社会科学基金重大项目(20ZDA043);中国社会科学院创新工程(2021JRSA01)。

摘　　要：数字化转型是推进国家数字经济战略发展的重要举措,企业风险承担水平对经济高质量发展具有重要意义。基于2007—2020年上市公司数据,检验数字化转型对风险承担行为的影响,实证结果表明:(1)数字化转型显著促进了企业风险承担行为,在经过一系列稳健性检验后仍然成立。(2)在盈利能力较弱、民营产权性质的企业,数字化转型对企业风险承担行为的促进作用更强。(3)渠道机制表明,企业数字化转型通过提高战略差异度、促进战略激进度来提升企业风险承担水平。(4)企业数字化转型效用的发挥需要内部治理机制和外部治理环境的支撑,合适的公司治理安排和良好的外部治理环境能够有效促进数字化转型对风险承担水平的提升作用。文章从微观视角剖析了数字化转型与风险承担行为之间的关系,并为上市公司如何更好地推动数字化转型以促进风险承担行为提供启示。Digital transformation is an important measure to promote the development of national digital economy strategy, and the level of enterprise risk taking is of great significance to high-quality economic development. Based on the data of listed companies from 2007 to 2020, this paper examines the impact of digital transformation on risk taking behavior. There are following empirical results.(1) The digital transformation significantly promotes enterprise risk taking behavior, and there are heterogeneity characteristics in property rights and profitability. The above conclusions still hold after a series of robustness tests.(2) In the enterprises with weak profitability and private property rights, digital transformation plays a stronger role in promoting enterprise risk-taking behavior.(3)The channel mechanism indicates that enterprise digital transformation can improve the level of enterprise risk taking by increasing the degree of strategic difference and promoting the degree of strategic radicalization.(4) The effectiveness of enterprise digital transformation needs the support of internal governance mechanism and external governance environment. Appropriate corporate governance arrangements and good external governance environment can effectively promote digital transformation to improve the level of risk-taking. This paper analyzes the relationship between digital transformation and risk-taking behavior from a micro perspective, and provides enlightenment for listed companies on how to better promote digital transformation.

关 键 词：数字化转型 公司战略 风险承担 内部治理机制 外部治理环境 

分 类 号：F272[经济管理—企业管理]