Research On The Impact Of Digital Finance On The Risk-taking Level Of Listed Companies

China is in a critical stage of digital transformation.As the core of national economic development,the financial system shoulders the historical mission of improving resource allocation efficiency and achieving high-quality economic development.At the same time,under the market economy mode,financial capital has the tendency to profit,and the traditional financial development has the phenomenon of price distortion and resource mismatch.This structural imbalance inhibits the motivation of venture capital to a large extent,resulting in the decline of risk-taking ability.With the deep integration of high-tech such as big data and traditional financial models,digital finance as a new financial development model has emerged.Digital finance has obvious resource and information advantages,which can reduce the threshold of financial services and effectively alleviate the information asymmetry in the development of traditional finance.In this context,it is of great theoretical and practical significance to comprehensively examine the impact of digital finance on corporate risk-taking and its internal mechanism.In terms of theoretical analysis,in order to deeply explore the internal mechanism between digital finance and corporate risk-taking,this paper deeply discusses financial exclusion theory,capital structure theory and credit rationing theory.The existence of financial exclusion makes the regional economic and financial development heterogeneous,small and medium-sized enterprises and underdeveloped areas can’t get effective resource support,and there is a big gap in external financing.Most enterprises are subject to weak external financing capacity and high cost of debt financing,and do not have enough funds to make risky investment decisions.Based on different theories,it is found that digital finance can promote the efficient allocation of limited social resources with its own advantages.By alleviating corporate financing constraints,increasing the proportion of corporate credit funds,and enhancing corporate innovation capabilities,digital finance can help companies carry out venture capital projects,thereby improving the level of corporate risk-taking.In terms of empirical research,based on the matching data of prefecture-level digital financial index and Chinese listed companies from 2011 to 2020,this paper empirically tests the internal logic of digital financial development affecting corporate risk-taking y constructing fixed effect,mediating effect and moderating effect model.The study found that: First,the development of digital finance has structural promotion effects and dynamic effects on the level of corporate risk-taking.Specifically,the breadth of coverage and the depth of use are the two main dimensions of the positive effects of digital finance,and the breadth of coverage has a greater promotion of corporate risk-taking,while the degree of digitization has no significant impact on the level of corporate risk.From a dynamic point of view,although the effect of digital finance and its coverage on corporate risk-taking cannot avoid the constraint of the diminishing marginal effect law,the positive promotion effect between the two still maintains a strong trend in the long run.Second,from the perspective of internal characteristics of corporates,the development of digital finance has a greater impact on the risk-taking level of small-scale corporates and growing corporates;from the external environment of corporates,the positive impact of digital financial development on corporate risk-taking is more significant in economic policy stability and the western region.Third,the identification of the mechanism of action finds that digital finance mainly improves the level of corporate risk-taking by alleviating financing constraints,increasing the proportion of corporate credit funds,and enhancing corporate innovation capabilities.Fourth,the moderating effect test finds that the existence of industry competition can effectively alleviate the internal information asymmetry,reduce internal agency costs,and play a positive moderating role in the relationship between digital finance and corporate risk-taking.