华北水利水电大学学报（社会科学版）

提升企业风险承担水平对促进企业创新、提升企业价值具有重要意义。随着数字经济时代的到来，数字金融对包括企业在内的微观个体产生重大影响。在理论分析的基础上，以2013—2022年A股上市公司为样本进行实证分析，检验数字金融发展对企业风险承担水平的影响以及投资者情绪的调节作用。研究发现：(1)数字金融发展对企业风险承担具有显著促进作用；(2)投资者情绪发挥调节作用，投资者情绪越乐观，数字金融发展对企业风险承担水平的促进作用越强；(3)考虑企业的异质性，数字金融发展对非国有企业、小规模企业、高技术行业企业的风险承担水平影响更大，同时，投资者情绪的调节作用在非国有企业、小规模企业、高技术行业企业中更显著。本研究将投资者情绪纳入分析框架，有利于从金融市场与资本市场视角为提高企业风险承担水平提供政策建议。

Enhancing the level of corporate risk-taking is important for promoting corporate innovation and enhancing corporate value. With the advent of the digital economy, digital finance is having a significant impact on micro-individuals, including businesses. On the basis of theoretical analysis, an empirical analysis is conducted with a sample of A-share listed companies from 2013 to 2022 to test the impact of digital financial development on the level of corporate risk-taking and the moderating effect of investor sentiment. The study finds that: first, digital financial development contributes significantly to corporate risk-taking; second, investor sentiment plays a moderating role; the more optimistic investor sentiment is, the stronger the contribution of digital financial development to corporate risk-taking levels; third, considering firm heterogeneity, digital financial development has a greater impact on the risk-taking level of non-state-owned firms, small-scale firms and firms in high-technology industries, while the moderating effect of investor sentiment is more pronounced in non-state-owned firms, small-scale firms and firms in high-technology industries. This paper incorporates investor sentiment into the analytical framework, which is conducive to providing policy recommendations for improving corporate risk-taking from both financial and capital market perspectives.