Corporate Digital Transformation and Investment in Financial Assets——Based on Risk Aversion and Profit-Seeking Motives
In recent years,the phenomenon of"de-realization to virtualization"among Chinese enterprises has hindered the country's economic development,posing a significant challenge for governments at all levels.Digital transformation has emerged as a critical tool for enterprises seeking high-quality growth.Existing research suggests that digital transfor-mation fundamentally alters traditional production models and influences investment and financing decisions in Chinese enterprises.This paper investigates the impact of digital transformation on financial asset investment among non-financial A-share listed companies in China from 2011 to 2020,focusing on its underlying mechanisms and economic conse-quences.The findings reveal that digital transformation not only reduces risk aversion by alleviating financing constraints and business risks but also diminishes profit-seeking motives by narrowing the gap between returns on financial and entity investments,thereby curbing entity enterprises'investment in financial asset.This inhibitory effect is more pronounced in state-owned enterprises,firms with high real investment costs,and those in regions with lower levels of marketization,suggesting that profit-seeking motives currently dominate financial asset investment behavior.By curbing financial asset investment,digital transformation reallocates corporate capital toward main business activities,improves industrial and innovation investment levels,and promotes the development of entity enterprises'main business.
digital transformationcorporate investment and financingfinancial assetsmain business development
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