| Enterprise digital transformation is the process of reshaping the structure,extensive connectivity,etc.with the help of emerging technologies,cross-border integration,innovation-driven,mainly industrial upgrading and transformation,digital transformation makes the original business model of enterprises change,and will also have an important impact on the governance model of enterprises.Research on the economic consequences or effects of digital transformation has long been a focus of academic attention.Currently,digital transformation research literature focuses on two major areas: first,the digital transformation path and countermeasures of related industries have been studied,including customer,organization,technology and other elements;second,the impact of digital transformation on enterprises has been studied,mainly in terms of positive and negative effects.Few domestic scholars have conducted empirical research on digital transformation directly from the perspective of enterprise bankruptcy risk.There have been research results showing that digital transformation is one of the important causes of enterprise bankruptcy collapse.Therefore,this thesis focuses on the relationship between enterprise digital transformation and bankruptcy risk.Based on the data of A-share listed companies in Shanghai and Shenzhen from 2000 to 2021,we summarize the keyword of "digital transformation" in enterprise annual reports with the help of crawler technology,innovatively portray the strength of enterprise digital transformation,and conduct an empirical study on how enterprise digital transformation affects bankruptcy An empirical study was conducted on how digital transformation affects the risk of bankruptcy.The study finds that digital transformation significantly reduces the risk of bankruptcy,and shows some heterogeneity,with more significant effects in service sector firms,non-state enterprises,and regulated industries.The above findings hold in a series of robustness tests in which we include macro control variables,adjust the explanatory variables with lags,change the shrinkage tail treatment and exclude the effect of epidemic years.The mechanism of action test shows that digital transformation can reduce corporate insolvency risk through three channels: reducing corporate business risk,alleviating financing constraints,and reducing agency costs.Finally,in response to the model empirical regression results,relevant policy recommendations are proposed at the firm level and government level. |
