This paper examines the effect of digital transformation on corporate risk-taking level and the mechanism of digital transformation on corporate risk-taking level based on the perspective of analysts' attention, taking the data of A-share listed companies in Shanghai and Shenzhen from 2014 to 2023 as the research sample. The results show that digital transformation has a significant positive impact on the level of corporate risk-taking. Analyst attention shows a significant mediating effect in between. The heterogeneous test shows that, compared with high-tech industries, the higher the degree of digital transformation in non-high-tech enterprises, the more it is conducive to enhancing analyst attention, thereby strengthening the enhancement effect of the level of corporate risk-taking. This paper expands the research boundary of the relationship between digital transformation and risk-taking level from the perspective of analyst attention, and provides a theoretical basis for optimizing the digital strategy layout of enterprises, improving the governance mechanism of technology-enabled, and enhancing the quality of risk decision-making.

Zhang Xuejiao. Analysts' perspective on the impact of digital transformation on corporate risk-taking levels. Academic Journal of Business & Management(2025), Vol. 7, Issue 4: 113-123. https://doi.org/10.25236/AJBM.2025.070414.

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