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数据要素对企业风险承担水平的影响机制研究
Research on the influence mechanism of data elements on the risk-taking level of enterprises
在数字经济时代,数据要素的战略价值日益凸显,但其如何影响企业风险承担行为的内在机理尚不明晰。本文基于动态能力理论,构建“数据要素—动态能力—风险承担水平”这一核心逻辑链条,并以2008—2022年中国A股上市公司为样本,实证考察企业数据要素对风险承担水平的影响机制。研究发现,企业数据要素能够显著促进风险承担水平的提升,且这一结论在采用工具变量和倾向得分匹配法处理内生性问题后仍然稳健地成立。机制分析表明,数据要素通过增强企业的适应能力、吸收能力和资源重构能力来提高风险承担水平。异质性分析表明,数据要素对风险承担水平的提升作用在高不确定性感知和处于竞争行业的企业中更为明显。本文创新性地将动态能力理论引入数据要素经济后果研究,揭示了数据要素转化为企业风险承担优势的微观机制,为优化数据要素治理、激发市场主体风险承担活力提供了政策启示。
In the era of digital economy, the strategic value of data elements is becoming increasingly prominent, but the intrinsic mechanism by which they influence corporate risk-taking behavior remains unclear. Based on the dynamic capability theory, this paper constructed the core logical chain of "data elements—dynamic capabilities—risk-taking level" and empirically examined the influence mechanism of corporate data elements on the level of risk-taking using a sample of Chinese A-share listed companies from 2008 to 2022. The study found that corporate data elements can significantly promote an increase in the level of risk-taking, and this conclusion remains robust even after addressing endogeneity issues using instrumental variables and propensity score matching methods. The mechanism analysis showed that data elements improve the level of risk-taking by enhancing an enterprise's adaptability, absorptive capacity, and resource reconfiguration capability. The heterogeneity analysis indicated that the effect of data elements on enhancing the level of risk-taking is more pronounced in firms with high perceived uncertainty and those in competitive industries. This paper has innovatively applied the dynamic capability theory to the study of the economic consequences of data elements. It has revealed the micro-mechanisms that convert data elements into corporate risk-taking advantages, and will offer policy insights for better data element governance and enhanced risk-taking among firms.
data element / dynamic capability / risk-taking level / influence mechanism
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This study uses the samples of intelligent manufacturing enterprises listed on A-shares in Shanghai and Shenzhen Stock Market from 2012 to 2021. Taking environmental dynamics as the regulating variable, four dimensions of dynamic capability are analyzed by regression（digital sensing capability, digital grasping capability, resource integration and reconstruction capability and organizational transformation capability）on the quality of digital innovation in intelligent manufacturing enterprises. The results show that four dimensions of dynamic capability have a significant role in promoting the quality of digital innovation in intelligent manufacturing enterprises. First of all, environmental dynamics has a positive moderating effect between digital grasping ability and digital innovation quality. And environmental dynamics has a positive moderating effect between resource integration and reconstruction ability and digital innovation quality. Besides, environmental dynamics has a negative moderating effect between organizational change ability and digital innovation quality. Environmental dynamics has a positive moderating effect between resource integration and reconstruction ability and digital innovation quality of intelligent manufacturing enterprises. Nevertheless, environmental dynamics has no significant moderating effect between digital perception ability and digital innovation quality.
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