| Enterprise resilience refers to the ability of enterprises to resist risks,recover quickly and grow continuously in adversity.In the face of the current complex and changing environment,improving resilience is an inevitable requirement for enterprises to achieve substantial development.There are many factors that affect enterprise resilience,including the personal ability of managers,corporate strategy,and the support of external environment.Digital transformation,as an important strategy for industrial upgrading,is an effective way to improve enterprise resilience.Therefore,based on the perspective of financial distress,this paper deeply studies the impact of enterprise digital transformation on enterprise resilience.Existing research has focused on the relationship between enterprise digital transformation and enterprise resilience,but most of them remain at the qualitative level,and only explore the role of digitalization on enterprise resilience through theoretical analysis and case study,lacking empirical evidence.A systematic theoretical research system has not yet been formed on whether digital transformation can promote enterprise resilience and how it can affect enterprise resilience.In addition,the existing literature on the measurement of enterprise resilience is not perfect,and the questionnaire survey method commonly used by the academic community at present has some subjectivity,and the sample range is limited.There is a lack of research on using public data to construct measurement indicators.A few literature attempts to use stock prices,financial indicators and other measurement methods,which are controversial,and have not been widely used in follow-up research.To sum up,this paper takes the data of listed enterprises from 2007 to 2020 as a sample,builds a measurement index of enterprise resilience based on the perspective of financial distress,and deeply explores the impact of enterprise digital transformation on enterprise resilience and the transmission mechanism.The research results show that:(1)Enterprise digital transformation has significantly enhanced enterprise resilience in terms of enhancing enterprise resistance and recovery.Specifically,the higher the degree of digital transformation,the lower the probability of enterprises falling into financial distress,and the shorter the recovery time after falling into financial distress;(2)Through the decomposition study of enterprise digital transformation,it is found that the "artificial intelligence technology","big data technology" and "digital application" of enterprises enhance enterprise resilience from two aspects of enhancing enterprise resistance and recovery,while "cloud computing technology" and "blockchain technology" only enhance enterprise resistance;(3)From the results of heterogeneity test,digital transformation has a stronger impact on the resilience of non-high-tech enterprises and enterprises in the eastern region,a stronger resistance to state-owned enterprises,and a stronger recovery to non-state-owned enterprises;(4)Through the functional mechanism test,it is found that the digital transformation of enterprises enhances the resilience of enterprises by improving the disruptive innovation ability of enterprises.In general,the research in this paper depicts enterprise resilience from a new perspective,enriches the empirical research on the impact of enterprise digital transformation on enterprise resilience,and provides theoretical basis and policy recommendations for the development strategy of the digital economy and the shaping of enterprise resilience. |
