企业数字化转型对财务风险的影响研究——基于信息透明度和创新绩效的双重路径

Research on the Impact of Enterprise Digital Transformation on Financial Risk—A Dual Approach Based on Information Transparency and Innovation Performance

摘要: 在当前全球经济的大背景下，数字化转型已经成为引领新一代产业变革的核心力量。文章基于2013~2022年间创业板上市公司的数据，深入探析数字化转型对其财务风险的潜在效应，构建OLS模型，研究数字化转型对企业财务风险的影响，并从信息透明度和创新绩效这两个方面入手，分析其中的作用机制。研究发现，数字化转型会显著减弱财务风险。机制分析发现，数字化转型能够通过提高信息透明度和创新绩效两条渠道，降低企业财务风险。异质性分析发现，数字化转型降低财务风险的效应在非国有企业、非制造业企业更为明显。基于此，本文建议企业加强内部控制，鼓励政府出台相应政策，形成有利于企业的数字化转型环境，同时督促企业提高信息透明度及创新绩效，以期为正在进行数字化转型并应对财务风险的企业提供有力支持和指导。

Abstract: In the context of the current global economy, digital transformation has become the core force leading a new generation of industrial change. Based on the data of GEM listed companies from 2013 to 2022, this paper analyzes the potential effects of digital transformation on their financial risks, builds an OLS model, studies the impact of digital transformation on corporate financial risks, and analyzes the mechanism from two aspects: information transparency and innovation performance. The study found that digital transformation significantly reduces financial risk. The mechanism analysis found that digital transformation can reduce the financial risk of enterprises through two channels of improving information transparency and innovation performance. Heterogeneity analysis shows that the effect of digital transformation on reducing financial risks is more obvious in non-state-owned enterprises and non-manufacturing enterprises. Based on this, this paper suggests that enterprises strengthen internal control, encourage the government to introduce corresponding policies, form a conducive digital transformation environment for enterprises, and urge enterprises to improve information transparency and innovation performance, so as to provide strong support and guidance for enterprises undergoing digital transformation and coping with financial risks.