Enterprise risk perception and investment strategy selection based on empirical evidence from text analysis method
Reinforcing investment in real enterprises is an important foundation for achieving high-quality economic development.Based on the annual reports of listed companies,a micro-enterprise risk perception index was constructed,and the impact and mechanism of enterprise risk perception on investment strategy selection were explored.The research found that increased risk perceptions of firms can lead to firms diverting out of the real economy.Further analysis reveals that the deepening of enterprise risk perception will promote the process of enterprise financialization through two channels:financial flexibility and cost-benefit.The moderating effect found that the application of digital technology and financing constraints significantly promoted the impact of corporate risk perception on corporate financialization,while the increase in tax incentives alleviated the inhibitory effect of corporate risk perception on physical investment.In addition,heterogeneity testing indicates that the degree of risk perception of non-state-owned enterprises is more significant in promoting corporate financial investment.Therefore,it is important to stabilize the risk expectation of enterprises and alleviate their risk perception at source,in order to revitalize the real economy and promote high-quality economic development.
国家科技期刊平台
NSTL
万方数据
