数字化转型对企业信用风险的影响基于我国智能制造上市企业的实证分析

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中图分类号：F830 文献标识码：A 文章编号：1672-7312（2025）04-0429-12

Abstract： With the rapid development of information technology and the urgent need for industrial upgrading，digital transformation has become a crucial strategic choice for Chinese inteligent manufacturing enterprises to enhance their competitiveness.However，in this process，how to balance the investmentindigital transformationwith risk control，particularlytheprevention ofcredit 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 2O21 to empirically examine the impact of digital transformation on corporate credit risk.The research findings indicate that there is a Ushaped relationship between digital transformationand credit risk.Credit risk declines during initial digital transformation.However， with excessive investment in digital transformation，credit risk increases.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 effcts show that supply chain finance can help intelligent manufacturing enterprises 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.

Key words： inteligent manufacturing; digital transformation; credit risk； supply chain finance; Ushaped relationship

0 引言

智能制造是全球技术变革的核心方向[1]，是数字化转型的先锋代表，智能制造与数字化转型相辅相成。（剩余20541字）