数字基础设施建设如何影响企业ESG表现?——基于“宽带中国”试点政策的准自然实验  

How Does Digital Infrastructure Impact Enterprise ESG Performance:Quasi-natural Experimental Based on the Broadband China Pilot Policy

作　　者：崔登峰[1] 白玲 张跃胜 CUI Dengfeng;BAI Ling;ZHANG Yuesheng(School of Economics and Management,Shihezi University,Shihezi 832000,China;School of Economics and Management,Tianjin Chengjian University,Tianjin 300192,China)

机构地区：[1]石河子大学经济与管理学院,新疆石河子832000 [2]天津城建大学经济与管理学院,天津300192

出　　处：《管理学刊》2025年第1期1-20,共20页Journal of Management

基　　金：国家自然科学基金地区科学基金项目(72362030);国家社科基金重大项目(24&ZD083);国家自然科学基金面上项目(72473106)。

摘　　要：伴随数字经济的蓬勃发展与可持续发展战略的深入推进,数字基础设施建设如何影响企业ESG表现备受关注。以2009—2022年沪深A股上市公司为样本,基于“宽带中国”试点政策这一准自然试验,利用多期双重差分模型考察数字基础设施建设对企业ESG表现的影响及其作用机制。研究发现:数字基础设施建设显著提升了企业ESG表现,且主要通过推动企业人力资本升级、赋能数字金融发展和促进企业绿色技术创新三条路径来实现;异质性分析发现,数字基础设施建设对国有企业、高数字化转型程度企业的ESG表现助力效果更明显,且对东部地区和高环境规制地区的企业ESG表现影响更大。进一步分析发现,数字基础设施建设对企业环境(E)和治理(G)两个维度的表现具有显著促进作用,且数字基础设施建设所带来的企业ESG表现提升效应能在一定程度上降低企业破产风险,提升企业价值。研究结论为企业提高ESG表现提供了新的分析视角,同时也为我国加快推进数字基础设施建设提供了理论支持。With the vigorous development of the digital economy and the deepening of sustainable development strategies,how digital infrastructure construction affects the ESG performance of enterprises has attracted much attention.Taking Shanghai-Shenzhen A-share listed companies from 2009 to 2022 as a sample,based on the quasi-natural experiment of Broadband China pilot policy,the multi-period differential model is used to investigate the impact of digital infrastructure construction on enterprise ESG performance and its mechanism.The results show that the construction of digital infrastructure significantly improves the ESG performance of enterprises,mainly through promoting the upgrading of human capital of enterprises,enabling the development of digital finance and promoting green technology innovation of enterprises.Heterogeneity analysis finds that digital infrastructure construction has a more significant effect on the ESG performance of state-owned enterprises and enterprises with a high degree of digital transformation,and has a greater impact on the ESG performance of enterprises in the eastern region and regions with high environmental regulation.Further analysis shows that digital infrastructure construction has a positive promoting effect on the performance of enterprises in the three dimensions of environment and governance,and the enhancement effect of enterprise ESG performance brought by digital infrastructure construction can restrain enterprise bankruptcy risk and enhance enterprise value to a certain extent.The research conclusion provides a new analytical perspective for enterprises to improve their ESG performance,and also provides theoretical support for China to accelerate the construction of digital infrastructure.

关 键 词：数字基础设施建设 “宽带中国”试点政策 企业ESG表现 可持续发展 

分 类 号：F49[经济管理—产业经济] F272