网络安全风险对企业债务结构集中度的影响OACHSSCD

In the era of the digital economy,cybersecurity risk has become an important factor in corporate financing decisions.This study uses data from Chinese A-share listed firms from 2010 to 2023.It also uses text analysis to construct a cybersecurity risk indicator.Based on this indicator,the study examines how cybersecurity risk affects corporate debt structure concentra-tion.The results show that cybersecurity risk significantly reduces debt structure concentration.Cybersecurity risk increases firms'dependence on external financing.It also weakens their finan-cing capacity.As a result,firms tend to adopt a more diversified debt structure.Further analysis shows that this effect is stronger in regions with higher economic policy uncertainty,higher mar-ketization,lower litigation risk,and better accounting information quality.When firms face cy-bersecurity risk,a more diversified debt structure can help reduce operating risk.Therefore,firms should strengthen their awareness of cybersecurity risk.The financial technology system should also be improved.In addition,society should create an environment that pays greater at-tention to cybersecurity.These efforts can support the sustainable development of the digital e-conomy.