Research On The Influence Of Digitization Degree On Enterprise Risk-taking Level

At present,China ’s economy has shifted from the past high-speed growth stage to the high-quality development stage.The new stage of development has brought new challenges and opportunities for enterprises and economic development.The report of the 20 th National Congress of the Communist Party of China pointed out that in order to achieve high-quality economic development,it is necessary to accelerate the development of the digital economy,promote the deep integration of the digital economy and the real economy,and form a digital industrialization and industrial digital cluster with international competitiveness,so as to realize the high-quality supply of China ’s economy.One of the reasons why promoting the digital transformation of enterprises can become an opportunity to promote the realization of high-quality economic development is that digital transformation makes a new resource element,that is,data element,applied to the process of enterprise operation and development,and a richer resource base strengthens the willingness and ability of enterprises to improve their risk-taking level.Higher-level corporate risk-taking has positive significance for enterprises to improve their core competitiveness and achieve high-quality development.Based on this,under the background of high-quality economic development and digital economy,this paper explores the relationship,influence path and mechanism between enterprise digitization degree and risk-taking,and further discusses the heterogeneous influence under different property rights and different enterprise ages.In order to verify the above theories and assumptions,this paper selects the data of A-share listed companies in 2007-2020 as the research object of this paper,and empirically tests the impact of digitization on corporate risk-taking,the impact path and the mechanism of action.The study found that : First,the degree of digitization can significantly promote corporate risk-taking,and the conclusion can still be established on the basis of robustness test.Second,the impact path analysis shows that digitization can improve the level of corporate risk-taking by alleviating the constraints of asset specificity.Thirdly,the mechanism of action shows that the impact of enterprise digitization on enterprise risk-taking is regulated by the degree of overconfidence of managers.Managerial overconfidence can promote the role of digitization in promoting enterprise risk-taking.Fourthly,further analysis shows that the promotion effect of digitization degree on enterprise risk-taking has obvious heterogeneity of property rights and enterprise age.The heterogeneity of property rights shows that the promotion effect of digitization degree on enterprise risk-taking is more significant in non-state-owned enterprises.The age heterogeneity of enterprises shows that the promotion effect is more significant in the group with shorter establishment years.This paper enriches the research of digitization on corporate behavior,and effectively answers the major strategic proposition of how digital change promotes corporate risk-taking.In addition,asset specificity and managerial overconfidence are included in the framework of corporate risk-taking,and the impact path and mechanism of digitization on corporate risk-taking are obtained.In a word,this paper not only deeply discusses the influence path and mechanism of digitization degree on enterprise risk-taking,but also provides strong evidence support for the integration of digital economy and real economy,and also provides important reference for the government to formulate and implement digital policies.