Study On The Influence Of Financial Digital Transformation On Enterprise Financial Risk

With the advent of a new round of technological revolution and industrial transformation,the vigorous development of digital economy requires enterprises to carry out digital transformation.As a key link of enterprise digital transformation,financial digital transformation can improve enterprise risk management ability and reduce enterprise financial risk through real-time,transparent and shared data information on the one hand.On the other hand,security risks caused by digital technology will also bring new financial risks to enterprises.Therefore,this paper studies the influence mechanism of financial digital transformation on enterprise financial risk,tests the adjustment effect of internal control quality and enterprise scale in this mechanism,and explains the heterogeneous effect of property rights,and puts forward specific suggestions for enterprises to effectively prevent financial risks in the process of financial management reform.Based on the theory of competition strategy,internal control theory and risk management theory,this paper takes 20,221 observations from 3,179 listed companies in Shanghai and Shenzhen during 2011～2020 as the research objects,uses text mining method to depict the degree of financial digital transformation of enterprises,and introduces internal control quality and enterprise scale as the moderating variables.The panel regression model is constructed to empirically test the relationship between financial digital transformation and enterprise financial risk,and explore whether the quality of internal control and enterprise size have a moderating effect on the relationship.In addition,the samples are divided into state-owned enterprise group and non-state-owned enterprise group according to the property rights nature,and the grouped regression is carried out to compare and analyze the different effects of property rights difference on the influence of financial digital transformation on the financial risk of enterprises.The results show that:(1)financial digital transformation has a significant negative impact on corporate financial risk;(2)The quality of internal control strengthens the inhibition effect of financial digital transformation on corporate financial risk;(3)Enterprise scale strengthens the inhibition effect of financial digital transformation on enterprise financial risk;(4)The financial digital transformation of state-owned enterprises has no significant impact on the financial risk of enterprises;The financial digital transformation of non-state-owned enterprises has a more obvious inhibitory effect on the financial risk of enterprises.Therefore,under the background of digital economy,enterprises should pay more attention to the financial digital transformation,improve the organizational structure of enterprises through digital technology,optimize the financial process,strengthen the construction of internal control system,and improve the enterprise risk warning ability.Non-state-owned enterprises and small and medium-sized enterprises should actively promote the process of financial digital transformation,taking into account personnel transformation and technology transformation,and improve the enterprise risk control ability.