数字技术创新对企业违约风险的影响研究

周小渝1; 周建军2

数字技术创新对企业违约风险的影响研究

引用本文：周小渝1,周建军2.数字技术创新对企业违约风险的影响研究[J].财经理论与实践,2025,(2):139-144

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作者	单位
周小渝1,周建军2	(1.湘潭大学商学院，湖南湘潭 411105；2.湖南大学金融与统计学院，湖南长沙 410079)

中文摘要:基于2009—2022年中国沪深A股上市公司数据，采用面板固定效应模型，考量数字技术创新对企业违约风险的影响。结果显示，数字技术创新主要通过治理效应和信息效应显著降低企业违约风险，且在非高科技行业以及处于成长期和成熟期的企业中更为明显。鉴于此，建议加大对企业数字技术创新的支持力度，有效降低企业违约风险，增强金融经济体系韧性，推动经济平稳健康发展。

中文关键词:数字技术创新违约风险治理效应信息效应

Digital Technology Innovation and Corporate Default Risk

Abstract:Based on the data of China’s Shanghai and Shenzhen A-share listed companies from 2009 to 2022, this study employs a panel fixed effects model to examine the relationship and impact pathways between digital technology innovation and corporate default risk. The research findings indicate that digital technology innovation significantly reduces corporate default risk, primarily through governance and information effects. Heterogeneity analysis reveals that the risk-reducing effect of digital technology innovation is more pronounced in non-high-tech industries and in firms at the growth and maturity stages. Given these findings, there should be increased support for digital technology innovation in enterprises to effectively lower corporate default risk, thereby enhancing the resilience of the financial and economic system and promoting stable and healthy economic development.

keywords:digital technology innovation default risk governance effect information effect

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