数字经济与企业风险承担:管理自主权的调节效应
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F014.4

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山东省重点研发计划(软科学项目)(2021RKY01003);山东省高等学校“青创科技计划”(2019RW3035)


Digital Economy and Corporate Risk Taking:The Moderating Effects of Managerial Discretion
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    摘要:

    数字经济作为中国经济高质量增长的核心动力,对微观企业投资决策的重要性日益凸显。基于2011—2019 年中国沪深两市A股上市公司数据,实证检验了数字经济发展对企业风险承担的影响及作用机制。研究发现:数字经济发展显著提升了企业风险承担水平,管理自主权在数字经济与企业风险承担关系中发挥了正向调节作用,其中组织自主权、特殊情境自主权会发挥正向调节作用,而环境自主权的调节作用不显著;数字经济对企业风险承担水平的提升作用在新兴优势行业中更强。

    Abstract:

    Digital economy, as the core driving force of China’s high-quality economic growth, has become increasingly important for micro enterprises’ investment decisions. Based on the data of A-share listed companies in China’s Shanghai and Shenzhen stock markets from 2011 to 2019, we empirically examine the impact and mechanism of digital economy development on corporate risk-taking. We find that the development of digital economy significantly improves the level of corporate risk-taking. By analyzing its mechanism of action, we find that managerial discretion plays a positive moderating role in the relationship between digital economy and corporate risk-taking. Among it, organizational autonomy and special situational autonomy play a positive moderating role. However, the moderated effect of environmental autonomy is not significant. Further heterogeneity analysis finds that the role of digital economy in increasing the level of corporate risk-taking is stronger in emerging advantageous industries. This paper theoretically enriches related research in the field of digital economy and corporate risk-taking and provides useful suggestions for promoting the deep integration of digital economy and real economy in practice.

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郭吉涛,姚佳成.数字经济与企业风险承担:管理自主权的调节效应[J].河海大学学报(哲学社会科学版),2022,24(1):83-91.(GUO Jitao, et al. Digital Economy and Corporate Risk Taking:The Moderating Effects of Managerial Discretion[J]. Journal of Hohai University (Philosophy and Socail Sciences),2022,24(1):83-91.(in Chinese))

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  • 在线发布日期: 2022-03-01
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