国家数字经济创新发展试验区设立与企业ESG表现——基于机器学习的因果推断  

Establishment of National Digital Economy Innovation and Development Pilot Zone and ESG Performance of Enterprises--Causal Inference Based on Machine Learning

作　　者：张容嘉 李云飞[3] 王乐[4] Zhang Rongjia;Li Yunfei;Wang Le(China Academy of Social Sciences Institute of Quantitative&Technological Economics,Beijing 100732,China;Chinese Association of Quantitative Economics,Beijing 100732,China;Institute of Digital Economy and Cross Disciplinary Innovation,Southwest University of Finance and Economics,Chengdu 611130,China;Vanke School of Public Health,Tsinghua University,Beijing 100084,China)

机构地区：[1]中国社会科学院数量经济与技术经济研究所,北京100732 [2]中国数量经济学会,北京100732 [3]西南财经大学数字经济与交叉科学创新研究院,成都611130 [4]清华大学万科公共卫生与健康学院,北京100084

出　　处：《工业技术经济》2025年第5期72-83,共12页Journal of Industrial Technology and Economy

基　　金：中国社会科学院经济大数据与政策评估实验室(项目编号:2024SYZH004);中国社会科学院学科建设“登峰战略”资助计划数量经济学优势学科(项目编号:DF2023YS29);中国社会科学院青启计划“平台扼杀式并购对创新影响及规制政策研究”(项目编号:2024QQJH129)。

摘　　要：契合绿色、可持续新发展的ESG理念日益受到政府、投资机构、企业管理者的关注。如何提升企业ESG表现,内化企业ESG实践的外部性,国家数字经济创新发展试验区给出了新思路。为避免传统渐进DID模型预设偏误、维度诅咒、模型强假定等问题,充分考虑变量间的非线性关系,本文采用2006~2023年上市企业数据,运用双重机器学习模型评估了“国家数字经济创新发展试验区”设立对企业ESG表现的影响及其机制。研究结果表明,“国家数字经济创新发展试验区”设立显著提升了企业ESG表现,且分别对企业E表现、S表现、G表现均有显著的促进作用,在重设机器学习模型、更换被解释变量、工具变量回归等方法后结论仍然成立。“国家数字经济创新发展试验区”设立主要通过促进企业技术升级和数字化转型提升企业ESG表现,且在新质生产力发展程度高地区、国有企业中提升效应更加显著。本文进而提出大力推进国家数字经济创新发展试验区建设,依托5G、大数据、云计算等新技术发展促进企业ESG表现等政策建议。ESG,which conforms to the new concept of green and sustainable development,has been paid more and more attention by the government,investment institutions and enterprise managers.How to improve enterprise ESG performance and internalize the externalities of enterprise ESG practice,the National Digital Economy Innovation and Development Pilot Zone gives new ideas.In order to avoid the default bias,dimensional curse and strong model assumption of the traditional progressive DID model,and fully consider the nonlinear relationship between variables,this paper uses the data of listed enterprises from 2006 to 2023 and uses a dual machine learning model to evaluate the impact of the establishment of“National Digital Economy Innovation and Development Pilot Zone”on the ESG performance of enterprises and its mechanism.The research results show that the establishment of the“National Digital Economy Innovation and Development Pilot Zone”has significantly improved the ESG performance of enterprises,and has a significant promotion effect on the E performance,S performance and G performance of enterprises,respectively.The conclusion is still valid after resetting the machine learning model,replacing the explained variables and regression methods of instrumental variables.The establishment of the“National Digital Economy Innovation and Development Pilot Zone”mainly improves the ESG performance of enterprises by promoting technological upgrading and digital transformation of enterprises,and the improvement effect is more significant in the high degree of new quality productivity development and state-owned enterprises.This paper further puts forward policy suggestions such as vigorously promoting the construction of the national digital economy innovation and development pilot zone,and promoting the ESG performance of enterprises by relying on the development of new technologies such as 5G,big data and cloud computing.

关 键 词：国家数字经济创新发展试验区 ESG 表现 双重机器学习 技术升级 数字化转型 新 质生产力 上市企业 数字经济 

分 类 号：F424[经济管理—产业经济] F272