Based on the perspective of resource base and enterprise risk,this study takes A-share listed companies in Shanghai and Shenzhen from 2016 to 2021 as samples to analyze and examine the impact and mechanism of government subsidies on enterprise digitalization.It is found that government subsidies can significantly improve the level of enterprise digitalization.The intermediate mechanism is that government subsidies can help improve the cash holding level of enterprises and reduce enterprise operational risk,which can enhance their ability to invest in digital technology and stimulate their investment willingness.Further analysis of the moderating effect based on the marketization level and listing years of enterprise reveals that the higher the marketization level and the longer the listing years of enterprises,the more effective the government subsidies are in promoting the digitalization level of enterprises.Therefore,the government should clarify the flow of subsidy funds,with the goal of alleviating the financial difficulties and operational risks of enterprises,and continuously deepen market-oriented reform and take into account the heterogeneity of enterprises,in order to improve the efficiency of subsidy fund utilization.At the same time,enterprises should enhance the sensitivity of macro policies,take the initiative to seek external resource support,and improve the digital level in various aspects.
government subsidiesenterprise digitalizationresource baseenterprise risk
NETL
NSTL
维普
万方数据
