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The Impact of Intelligent Transformation on Financial Risk of Manufacturing Firms: Based on Financing Constraint Mediation Tests

In: Proceedings of the 2024 9th International Conference on Social Sciences and Economic Development (ICSSED 2024)

Author

Listed:
  • Zeshuang Liu

    (College of Economics and Management, Xi ‘an University of Technology)

  • Fei Chen

    (College of Economics and Management, Xi ‘an University of Technology)

Abstract

This paper takes a total of 2, 532 data from 1, 125 listed manufacturing companies in A-share from 2015 to 2022 as samples and uses stata17.0 multiple linear regression and neural network model SVM to verify the negative impact of intelligent transformation on the financial risk of manufacturing enterprises. Measurement method by selecting six indicators using the entropy weighting method to construct the intelligent comprehensive index system, selecting the Altman-Z value to measure the enterprise financial risk and adopting the assignment method to carry out the subsequent empirical evidence, and taking the financing constraints as the mediating variable to measure the impact of intelligent transformation on the financial risk of manufacturing enterprises. Based on the basic regression test, it is obtained that intelligent transformation can reduce enterprise financial risk; based on the mediator test, it is found that intelligent transformation of manufacturing enterprises reduces enterprise financial risk by alleviating financing constraints; based on the test of enterprise heterogeneity, it is found that intelligent transformation of state-owned enterprises can reduce enterprise financial risk more effectively compared with non-state-owned enterprises. The use of the neural network model SVM further confirms the robustness of the conclusion that the intelligent transformation of manufacturing enterprises can effectively reduce corporate financial risk, which is of strong guiding significance for enterprise development.

Suggested Citation

  • Zeshuang Liu & Fei Chen, 2024. "The Impact of Intelligent Transformation on Financial Risk of Manufacturing Firms: Based on Financing Constraint Mediation Tests," Advances in Economics, Business and Management Research, in: Radulescu Magdalena & Bootheina Majoul & Satya Narayan Singh & Abdul Rauf (ed.), Proceedings of the 2024 9th International Conference on Social Sciences and Economic Development (ICSSED 2024), pages 778-791, Springer.
    • Handle: RePEc:spr:advbcp:978-94-6463-459-4_88
    DOI: 10.2991/978-94-6463-459-4_88
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