经济管理学刊（中英文版）

数字化转型与企业财务风险：来自中国上市公司的证据

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作者：Xuanhong Chen, Jiannan Chen

摘要：

As a core issue in enterprise operation management, corporate financial risk is directly related to the survival and development of enterprises, and digital transformation has brought new challenges to the control of corporate financial risk. Based on the data of The Shanghai Stock Exchange (SSE) and Shenzhen Stock Exchange (SZSE) from 2009 to 2022, this paper analyzes the impact of digital transformation on corporate financial risk and the impact mechanism. The empirical study finds that digital transformation significantly increases the financial risk of enterprises, and shows differences among different regions, different risk factors, and enterprise natures, and substantially increases the corporate financial risk in the East and West, non-state-owned enterprises, high-risk and low-risk enterprises. The mechanism analysis found that digital transformation would affect the financial risk of enterprises by increasing their R&D investment and reducing their debt level. The conclusion improves insights and guidance for analyzing and managing financial risks in enterprises under digital transformation.

关键词：Digital Transformation; Financial Risk; Debt Level

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