The Impact Of Digital Transformation On The Level Of Corporate Risk-taking

Since the 18 th Party Congress,the Party Central Committee and the government have paid great attention to the process of digital transformation of enterprises and have issued several top-level plans and policy documents,striving to generate new development momentum through technological innovation and digital transformation.Enterprises actively participate in digital transformation,and through the introduction of digital technologies such as the Internet and big data,they guide the internal control system to be more perfect,and correct risk information and control risks,so as to achieve value empowerment.When enterprises involved in digital transformation are at different life cycle stages,their attitudes and preferences for holding risks greatly affect their production,operation and development.Therefore,based on the enterprise life cycle perspective,this paper dynamically examines the changes in the impact of digital transformation on the level of corporate risk-taking at different life cycle stages,and also tests the path transmission mechanism of internal control between the two.This paper adopts a combination of theoretical and empirical analysis,and follows the logical approach of “theoretical analysis-empirical analysis-countermeasure suggestions”.Firstly,the research results on digital transformation and enterprise risk-taking at home and abroad are presented,mainly focusing on concept definition,measurement,influencing factors and economic consequences.Secondly,the theoretical basis of the relationship between digital transformation and enterprise risk-taking is established by applying enterprise life cycle theory,principal-agent theory,resource base theory and risk theory,and relevant research hypotheses are proposed.Again,by collecting relevant data and collating them manually,the research model is constructed by taking A-share listed companies from2000-2021 as the research object,with the level of corporate risk-taking as the explained variable,digital transformation as the explanatory variable,and internal control as the mediating variable.Then,descriptive statistics,correlation analysis,covariance test,regression analysis,path mechanism test,time lag effect test,and robustness test were conducted respectively using stata17.0,and on the basis of which,heterogeneity test and extended analysis related to enterprise value were carried out,and the empirical analysis results verified the research hypotheses proposed in this paper.Finally,based on the results of the empirical analysis,the following conclusions are drawn:(1)There is a significant positive effect between digital transformation and enterprise risk-taking level,and this effect has a time lag.(2)The higher the degree of digital transformation,the better the effect of internal control improvement,and the mechanism of internal control can play a mediating role between digital transformation and enterprise risk-taking level.(3)The positive effect of digital transformation on the risk-taking level of enterprises is still significant when enterprises are at different stages of development in their life cycle,and it shows a dynamic evolution.(4)The impact of digital transformation on the risk-taking level of enterprises is heterogeneous in different industry sectors and property rights attributes,and the effect is differentiated according to the life-cycle stage of enterprises.(5)Extended analysis finds that the level of corporate risk-taking is positively related to corporate value,which implies that risk-taking can lead to performance transformation.Based on the research conclusions of this paper,corresponding countermeasures such as combining enterprise life cycle stages are proposed for enterprises and the government to participate in digital transformation.