A study of the impact of digital transformation on corporate financial risk

Ruipeng Wang; Jialin Zhang

doi:10.47297/wspdecWSP2515-797313.20250904

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A study of the impact of digital transformation on corporate financial risk

9卷第4期

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A study of the impact of digital transformation on corporate financial risk
A study of the impact of digital transformation on corporate financial risk
Beijing Technology and Business University, Beijing, 100048, China
2025年9卷第4期页码：62-72
纸质出版日期：2025-04-21
DOI：10.47297/wspdecWSP2515-797313.20250904
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(2025). A study of the impact of digital transformation on corporate financial risk. 发展经济学, 9(4), 62-72.

Wang Ruipeng,Zhang Jialin.A study of the impact of digital transformation on corporate financial risk[J].Development Economics of China,2025,09(04):62-72.
(2025). A study of the impact of digital transformation on corporate financial risk. 发展经济学, 9(4), 62-72. DOI： 10.47297/wspdecWSP2515-797313.20250904.

Wang Ruipeng,Zhang Jialin.A study of the impact of digital transformation on corporate financial risk[J].Development Economics of China,2025,09(04):62-72. DOI： 10.47297/wspdecWSP2515-797313.20250904.

摘要

Abstract

As China advances toward high-quality economic growth

digital transformation has become a crucial strategy for improving corporate financial oversight and reducing financial risks. Drawing on panel data from A-share non-financial firms listed in Shanghai and Shenzhen between 2014 and 2022

this study employs a text analysis approach to construct a digital transformation index. The findings reveal that increased digitalization significantly lowers financial risk

even after accounting for industry

temporal effects

and potential endogeneity. Further analysis identifies financial flexibility as a partial mediator

with ESG performance and digital financial inclusion acting as respective positive and negative moderators. Additionally

The impact of digital transformation differs depending on the type of firm

regions

technological classifications

and ESG levels. This research deepens the understanding of how digital strategies interact with financial vulnerabilities and offers actionable insights for firms seeking to improve digitalization and risk resilience.

关键词

Keywords

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