数字化转型、全要素生产率与企业财务风险  

Digital Transformation Reduces Corporate Financial Risk by Boosting Total Factor Productivity

作　　者：周蓉 Zhou Rong(School of Economics and Management,Chongqing Jiaotong University)

机构地区：[1]重庆交通大学经济与管理学院

出　　处：《经济界》2025年第1期41-49,共9页Economic Affairs

摘　　要：数字化转型赋予企业生产发展新动能,这是否意味着可以降低企业的财务风险?本文聚焦2007―2022年沪深A股上市公司,研究数字化转型与企业财务风险之间的关系以及影响机制。研究发现,数字化转型显著地降低了企业的财务风险。然后,分析数字化转型对企业财务风险的影响机制,发现数字化转型通过提升企业的全要素生产率来降低企业的财务风险。异质性分析发现,数字化转型对国有企业和大规模的企业的财务风险降低作用更显著。Can digital transformation mitigate the financial risks faced by enterprises?This study examines the correlation between digital transformation and corporate financial risk,exploring the underlying mechanisms,focusing on Shanghai and Shenzhen A-share listed companies from 2007 to 2022.The primary finding reveals that digital transformation significantly diminishes the financial risks of enterprises.Additionally,it has been observed that digital transformation can lower the financial risks of enterprises by enhancing their total factor productivity.Upon conducting a heterogeneity analysis,it was discovered that digital transformation exerts a more pronounced effect on mitigating financial risks among state-owned enterprises and large-scale corporations.

关 键 词：数字化转型 财务风险 全要素生产率 

分 类 号：F27[经济管理—企业管理]