数字化转型对企业财务风险的影响

本文基于 2013-2020 年 A 股上市公司数据，通过机器学习方法构建数字化转型程度指标，采用回归分析法研究数字化转型对企业财务风险的影响，研究发现：（1）企业数字化转型对企业财务风险具有显著的抑制作用；（2）机制分析表明：数字化转型的赋能效应、范围规模效应、信息效应增强了企业的经营能力提高了企业的全要素生产率进而降低了企业财务风险。（3）异质性分析表明：区域信用环境和经济政策不确定性的不同会对数字化转型的风险抑制效果产生影响。横向看，法律监管可以提高数字化的风险抑制效果；纵向看，经济政策波动越小、不确定性越低，可以显著强化数字化的财务风险抑制效果。最后，在上述研究的基础上，从内部管理、人才培养、政策激励、全要素生产率四个角度就如何利用数字化技术降低企业财务风险提出建议。

The Influence of Digital Transformation on Enterprise Financial Risk

Based on the data of A-share listed companies from 2013 to 2020, this paper constructs the index of digital transformation degree by machine learning method, and uses regression analysis method to study the impact of digital transformation on corporate financial risk. The study finds that: (1) The digital transformation of enterprises has a significant inhibitory effect on corporate financial risk; (2) Mechanism analysis shows that the enabling effect, scope scale effect and information effect of digital transformation enhance the business ability of enterprises, improve the total factor productivity and reduce the financial risk of enterprises. (3) Heterogeneity analysis shows that the differences in regional credit environment and economic policy uncertainty will have an impact on the risk suppression effect of digital transformation. Horizontally, legal supervision can improve the risk suppression effect of digitization; vertically, the smaller the fluctuation of economic policy, the lower the uncertainty, which can significantly strengthen the digital financial risk suppression effect. Finally, on the basis of the above research, this paper puts forward some suggestions on how to use digital technology to reduce the financial risk of enterprises from four aspects: internal management, talent training and policy incentive.