数字化转型对企业ESG表现的影响研究  

A Study on the Impact of Digital Transformation on Corporate ESG Performance

作　　者：匡增杰 周馨迪 KUANG Zeng-jie;ZHOU Xin-di(Faculty of Business Administration and Customs,Shanghai Customs University,Shanghai 201204,China)

机构地区：[1]上海海关学院工商管理与关务学院,上海201204

出　　处：《上海对外经贸大学学报》2025年第1期34-50,共17页Journal of Shanghai University of International Business and Economics

基　　金：国家社科基金“制度型开放新视野下自贸试验区的差异化制度创新研究”(项目编号:20BJY196)的资助。

摘　　要：ESG是我国实现“双碳”目标和可持续发展的关键支点,也是衡量企业高质量发展的重要指标。在数字经济浪潮下,企业如何将数字化转型带来的资源、能力和竞争优势有效应用于提升ESG表现亟待深入研究。本文采用2013~2021年中国A股上市公司的面板数据,考察数字化转型对企业ESG表现的影响。研究发现:数字化转型程度与企业ESG表现呈显著的“倒U型”关系,在经过延长时间观测窗口、工具变量法、PSM-DID等一系列检验后依然稳健;异质性分析表明,国有企业、非重污染企业及管理层女性占比、国际化程度和研发投入较高的企业能在更高的数字化转型程度上实现最佳ESG表现;机制分析表明,数字化转型主要通过企业的绿色技术创新、信息披露质量两条渠道影响ESG表现。这些结论丰富了有关ESG表现的影响因素及提升机制的研究。鉴于此,本文认为企业应进行有差异的、适度的数字化转型以实现最佳ESG表现。ESG is the key fulcrum for China to realize the“carbon peaking”and“carbon neutrality”goals and sustainable development,and it is also an important indicator of the high-quality development of enterprises.Under the wave of the digital economy,it is urgent to study how enterprises can eff ectively utilize the resources,capabilities,and competitive advantages of digital transformation to improve ESG performance.This paper uses panel data of Chinese A-share listed companies from 2013-2021 to examine the impact of digital transformation on corporate ESG performance.It is found that the degree of digital transformation has a signifi cant“inverted U-shape”relationship with corporate ESG performance,which remains robust after a series of tests such as extended time observation period,instrumental variable method,PSM-DID,etc.;Heterogeneity analysis shows that state-owned enterprises,non-heavily polluted enterprises,and enterprises with a higher proportion of women in management,internationalization,and R&D investment can achieve the best ESG performance at a higher level of digital transformation;The mechanism analysis shows that digital transformation aff ects fi rms’ESG performance mainly through two channels:fi rms’green technology innovation,and disclosure quality.This paper enriches the research on the infl uencing factors and enhancement mechanisms of ESG performance,and proposes that companies should carry out diff erentiated and moderate digital transformation to achieve optimal ESG performance.

关 键 词：数字化转型 ESG表现 绿色创新 可持续发展 企业社会责任 

分 类 号：F272[经济管理—企业管理] F205[经济管理—国民经济]