Research On The Impact Of Digital Transformation On Corporate Risk-takin

In recent years,with the increase of environmental uncertainty and the outbreak of the Corona Virus Disease 2019,the operation of enterprises has suffered a great impact.In order to cope with the increasingly complex and uncertain external environment,enterprises need to constantly adjust their strategic decisions,optimize the organizational structure and resource allocation,so as to promote their sustainable and high-quality development.The emergence of digital technology has a profound impact on the development of economic society,and its efficient and convenient characteristics have brought great help to the development of enterprises.By carrying out digital transformation and giving full play to the advantages of digital technology,enterprises can improve their information processing ability and resource level,improve their operating efficiency,and greatly enhance their own strength.Although the report of the 20 th National Congress of the Communist Party of China clearly points out that we need to accelerate the development of digital economy and many Chinese enterprises have carried out digital transformation and achieved remarkable results,the overall level of digital transformation of Chinese enterprises still needs to be improved.Therefore,in view of the present situation,it is of great significance to explore the economic consequences and influence mechanisms of digital transformation,and provide theoretical basis and reference suggestions for Chinese enterprises’ digital transformation.Using A-share listed companies in Shanghai and Shenzhen stock exchanges from 2007 to2021 as the initial sample,through the establishment of the individual and time two-way fixed effect model,this thesis empirically analyzes the relationship between digital transformation and corporate risk-taking.The results show that:(1)Digital transformation can improve the level of corporate risk-taking.(2)Digital transformation can improve the quality of information disclosure and the asset utilization,so as to enhance the level of corporate risk-taking.(3)Compared with state-owned enterprises,digital transformation has a more significant impact on risk-taking of non-state-owned enterprises.(4)Compared with enterprises with higher competitive position,digital transformation has a stronger promoting effect on the risk-taking of enterprises with lower competitive position.(5)The lower the media attention,the stronger the role of digital transformation in promoting corporate risk-taking.The innovation points of this thesis are as follows:(1)It reveals the mediating effect of information disclosure quality and asset utilization on the relationship between digital transformation and corporate risk-taking,and expands the research on the influence mechanism of digital transformation on corporate risk-taking.(2)Starting from the conditions of enterprises themselves,the competitive position of enterprises is introduced as a moderating variable to test the difference of the effect of digital transformation on risk-taking of enterprises in different competitive positions,which helps to further explain the reasons for the difference of the impact of digital transformation on corporate risk-taking.(3)From the perspective of external environment,this thesis discusses the influence of media attention on the relationship between digital transformation and corporate risk-taking,and expands the research framework of digital transformation and corporate risk-taking.The research conclusions provide theoretical basis for enterprises to carry out digital transformation to achieve sustainable and high-quality development,and provide guidance and suggestions for how to better promote enterprises’ digital transformation.