Facing the increasingly complex and uncertain external environment, the reasonable control of investment risk is the key to realizing the sound operation and high-quality development of enterprises. Based on the innovation perspective, this paper takes A-share non-financial listed companies from 2007 to 2021 as the research sample to explore the impact of the corporate risk-taking level on the high-quality development of enterprises and examines the transmission mechanism of the relationship between the two from the perspectives of innovation efficiency, innovation input, and innovation output. It is found that enterprise risk-taking significantly inhibits the high-quality development of enterprises, by reducing innovation efficiency; innovation efficiency plays a mediating role in the influence of the relationship between the two, which is mainly due to the fact that enterprise risk-taking increases the innovation inputs of enterprises but reduces the innovation outputs of enterprises, and then reduces the innovation efficiency of enterprises and inhibits the high-quality development of enterprises. This heterogeneity study finds that the inhibitory effect of corporate risk-taking on the high-quality development of firms is more pronounced among manufacturing firms, small-scale firms, and firms with higher capital intensity. The findings of this study provide both guidance to help enterprises to reduce risky investment decision-making behaviors and experience for regulators to effectively promote the formulation of policies related to the high-quality development of the real economy.

Improving the level of risk-taking is an important measure for enterprises to realize sustainable development; in this context, commercial credit financing has become an important type of transaction and an indispensable short-term financing method. In this work, we use a sample of A-share-listed companies listed from 2007 to 2021 to test the impact of commercial credit financing on corporate risk-taking. Research shows that commercial credit financing has a U-shaped relationship with corporate risk-taking, i.e., when there is a low level of commercial credit financing, it has an inhibitory effect on corporate risk-taking, and when the level of commercial credit financing is high, it has a promotional effect on corporate risk-taking. The main reason for this, based on substitute financing and buyer market theories, is that commercial credit financing has a “double-edged sword” effect. Further research has found that corporate financialization, debt default risk, and ownership form all have moderating effects on this U-shaped relationship. Heterogeneity analysis results show that among enterprises with good cash flow conditions, low financing constraints, and a low supply of commercial credit, commercial credit financing has a significant U-shaped impact on enterprise risk-taking. However, among enterprises with poor cash flow conditions, high financing constraints, and a high supply of commercial credit, commercial credit financing shows a solely inhibitory effect on enterprise risk-taking. This research innovatively clarifies the dual role of commercial credit financing in corporate risk-taking from the perspective of the supply chain, and these findings are pivotal in guiding enterprises to rationally allocate commercial credit financing and make informed risk investment decisions to realize the simultaneous sustainable development of enterprises and supply chains.