企业数字化转型与风险承担
Corporate digital transformation and risk-taking
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| DOI |
10.12208/j.aif.20250003 |
| 刊名 |
Advances in International Finance
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| 年，卷(期) |
2025, 7(1) |
| 作者 |
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| 作者单位 |
南开大学金融学院 天津
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| 摘要 |
企业实施数字化转型战略，能否有效提升其风险承担水平？针对这一核心问题，本文基于2010年至2022年间中国上市公司的数据，借助CSMAR数据库归集“数字化转型”关键词，量化评估了企业的数字化转型程度。本文通过实证方法深入探究了数字化转型对企业风险承担的正向影响。尤为值得注意的是，这种提升效果在不同类型的企业间呈现出显著的非对称性：非国有企业和非高科技企业在数字化转型过程中，更能显著提升其风险承担水平。机制探究表明，分析师的高度关注会使管理者更加关注短期内的业绩和股价表现，从而减少对数字化项目的投入和支持，限制或减缓数字化转型的推进速度，从而导致企业数字化对风险承担的正向作用被削弱。
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| Abstract |
Can the implementation of digital transformation strategies effectively enhance corporate risk-taking levels? Addressing this core question, this study leverages data from Chinese listed companies between 2010 and 2022 and quantifies the extent of corporate digital transformation by aggregating "digital transformation" keywords from the CSMAR database. Through empirical analysis, we systematically explore the positive impact of digital transformation on corporate risk-taking. Notably, this enhancement exhibits significant asymmetry across different types of enterprises: non-state-owned enterprises and non-high-tech firms demonstrate more pronounced improvements in risk-taking during digital transformation. Mechanism analysis reveals that high analyst scrutiny pressures managers to prioritize short-term performance and stock price fluctuations, thereby reducing investment in and support for digital projects. This constrains or slows the pace of digital transformation, ultimately weakening the positive effect of digitalization on risk-taking.
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| 关键词 |
企业数字化转型；风险承担；分析师关注度
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| KeyWord |
Corporate digital transformation; Risk-taking; Analyst attention
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| 基金项目 |
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| 页码 |
22-28 |
公睿*.
企业数字化转型与风险承担 [J].
国际金融进展.
2025; 7; (1).
22 - 28.