  Digital transformation challenges financial management while reducing costs
and increasing efficiency for enterprises in various countries. Identifying the
transmission paths of enterprise financial risks in the context of digital
transformation is an urgent problem to be solved. This paper constructs a
system of influencing factors of corporate financial risks in the new era
through literature research. It proposes a path identification method of
financial risks in the context of the digital transformation of enterprises
based on DEMATEL-ISM-MICMAC. This paper explores the intrinsic association
among the influencing factors of corporate financial risks, identifies the key
influencing factors, sorts out the hierarchical structure of the influencing
factor system, and analyses the dependency and driving relationships among the
factors in this system. The results show that: (1) The political and economic
environment being not optimistic will limit the enterprise's operating ability,
thus directly leading to the change of the enterprise's asset and liability
structure and working capital stock. (2) The enterprise's unreasonable talent
training and incentive mechanism will limit the enterprise's technological
innovation ability and cause a shortage of digitally literate financial
talents, which eventually leads to the vulnerability of the enterprise's
financial management. This study provides a theoretical reference for
enterprises to develop risk management strategies and ideas for future academic
research in digital finance.
