技术与创新管理2025，Vol.46Issue(4)：429-440,12.DOI:10.14090/j.cnki.jscx.2025.0407
数字化转型对企业信用风险的影响
The Impact of Digital Transformation on Corporate Credit Risk:An Empirical Analysis of Listed Intelligent Manufacturing Enterprises in China
摘要
Abstract
With the rapid development of information technology and the urgent need for industrial up-grading,digital transformation has become a crucial strategic choice for Chinese intelligent manufactur-ing enterprises to enhance their competitiveness.However,in this process,how to balance the invest-ment in digital transformation with risk control,particularly the prevention of credit risks,has emerged as a focal issue of common concern for both academia and practitioners.This paper uses a sample of listed intelligent manufacturing enterprises in China from 2015 to 2021 to empirically examine the im-pact of digital transformation on corporate credit risk.The research findings indicate that there is a U-shaped relationship between digital transformation and credit risk.Credit risk declines during initial digital transformation.However,with excessive investment in digital transformation,credit risk increa-ses.This conclusion remains valid after a series of robustness tests.Mechanism analysis indicates that management effects and innovation effects are the pathways through which digital transformation affects credit risk.Moderation effects show that supply chain finance can help intelligent manufacturing enter-prises alleviate the credit risk brought about by digital transformation.Heterogeneity analysis reveals that the U-shaped relationship between digital transformation and credit risk is more pronounced among intelligent manufacturing enterprises with higher production efficiency and lower governance quality.关键词
智能制造/数字化转型/信用风险/供应链金融/U型关系Key words
intelligent manufacturing/digital transformation/credit risk/supply chain finance/U-shaped relationship分类
管理科学引用本文复制引用
李阳,宋良荣,彭亚山..数字化转型对企业信用风险的影响[J].技术与创新管理,2025,46(4):429-440,12.基金项目
国家自然科学基金面上项目"产业互联'智造'供需网络的结构、演化及其动力学研究"(71871144) （71871144）
