数字化转型程度影响企业风险承担水平机制探讨——基于企业内部控制质量中介效应的实证检验  

The Influence Mechanism of Digital Transformation Degree on Enterprise Risk-taking Level:An Empirical Analysis Based on the Mediating Effect of Enterprise Internal Control Quality

作　　者：杨帆征 徐璐辉 YANG Fan-zheng;XU Lu-hui

机构地区：[1]中央财经大学创新发展学院人力资本与劳动经济研究中心

出　　处：《中央财经大学学报》2024年第5期101-114,共14页Journal of Central University of Finance & Economics

基　　金：国家自然科学基金面上项目“中国人口数量与质量及其对经济发展的作用”(项目编号:72273163)

摘　　要：数字化转型程度关联企业风险承担水平的变化具有其内在规律性。笔者基于企业委托代理理论和内部控制理论,以2010—2020年中国A股非金融行业和非信息产业上市公司的相关有效数据,运用固定效应模型实证检验了企业数字化转型程度与企业风险承担水平之间的关联及其变化。检验结果证实:企业数字化转型程度与企业风险承担水平之间的关联性曲线呈正U型,即企业数字化转型的初始阶段,其风险承担水平随着企业数字化转型程度的提高而降低,而当企业数字化转型达到一定阶段后,企业风险承担水平开始伴随企业数字化转型程度的提高而提高;数字化转型程度对企业风险承担水平的影响通过关键变量——企业内部控制质量发挥中介效应完成;数字化转型程度对企业风险承担水平的影响在不同情境下具有显著的异质性。本研究基于企业内部控制质量中介效应的实证检验,揭示了数字化转型程度对企业风险承担水平的影响机制,研究结论丰富了企业管理创新和企业风险防范相关领域的现有文献,有助于为政府推行数字经济以及企业实施数字化转型提供理论依据。There is an inherent correlation between the degree of corporate digital transformation and shifts in enterprise risk-taking levels.Drawing upon principal-agent theory and internal control theory,this study utilizes relevant and valid data from China's A-share listed companies in non-financial and non-information industries,covering the period from 2010 to 2020.Employing the fixed effect model,we empirically investigate the relationship between the extent of corporate digital transformation and risk-taking levels.The findings validate that the relationship between the degree of enterprise digital transformation and risk-taking levels follows a positive U-shaped curve.Initially,as the enterprise embarks on its digital transformation journey,its risk-taking level decreases as the degree of digital transformation increases.However,once digital transformation reaches a certain threshold,the risk-taking level begins to increase with further digital transformation.Additionally,the impact of the degree of digital transformation on risk-taking levels operates through the mediating effect of the key variable—the quality of internal controls within enterprises.Moreover,this impact exhibits significant heterogeneity observed across different scenarios.This study elucidates how digital transformation influences corporate risk-taking levels through the intermediary role of internal control quality.These insights contribute to the existing literature on corporate management innovation and risk prevention,providing a theoretical foundation for governmental initiatives promoting the digital economy and fostering enterprise digitalization.

关 键 词：数字化转型 风险承担水平 正U型曲线 内部控制质量 中介效应 

分 类 号：F272[经济管理—企业管理]