Digital Transformation,Cogroup Effect And Enterprise Risk-taking
Based on the background of insufficient risk taking willingness of Chinese enterprises under the digital wave,this paper explains the mechanism of enterprises'digital transformation affecting the level of risk taking from three as-pects:the enhancement effect of governance capability,the enhancement effect of strategic resilience and the hedging effect of environmental uncertainty.The existence of homogeneity effect phenomenon of enterprise digital transformation and its exogenous influence on enterprise risk-taking level are demonstrated from two dimensions of industry and region.Based on the panel data of Chinese A-share listed companies from 2011 to 2021,this paper systematically examines the relationship between enterprise digital transformation and enterprise risk taking.The research shows that digital transfor-mation significantly improves the level of enterprise risk taking.In terms of the mechanism,the digital transformation of enterprises jointly improves the level of enterprise risk taking by hedging the uncertainty of external environment,impro-ving corporate governance ability and enhancing corporate strategic resilience.Further research shows that there are obvi-ous industrial and regional homogeneity characteristics in Chinese enterprises'digital transformation behavior,which is an important reason for the improvement of the level of risk taking.The homogeneity effect makes the proportion of enter-prises with low level of risk taking in the enterprise group with high degree of digitalization is relatively low.In other words,the distribution of high and low digitalization enterprises'risk bearing level shows obvious"left truncation"char-acteristics.
digital transformationsame-group effectrisk-takingstrategic resiliencegovernance ability
NETL
NSTL
万方数据
