智能制造与企业ESG表现——资源优化与治理协同的双重效应  

Intelligent Manufacturing and ESG Performance:The Dual Effects of Resource Optimization and Governance Synergy

作　　者：韩少真[1] 张田 苗梦露 潘颖[1] HAN Shaozhen;ZHANG Tian;MIAO Menglu;PAN Ying(School of Economics and Management,Northwest University,Xian 710127,China)

机构地区：[1]西北大学经济管理学院,陕西西安710127

出　　处：《财经论丛》2025年第5期67-77,共11页Collected Essays on Finance and Economics

基　　金：教育部人文社会科学研究项目(24YJAZH040);陕西省社会科学基金项目(2024D016);陕西省自然科学基础研究计划项目(2022JQ-749)。

摘　　要：ESG注重生态环境保护、社会责任履行和治理能力提升的协调统一,是微观企业深入贯彻新发展理念、实现高质量发展的关键。本文理论分析了智能制造对企业ESG表现的影响,并以2010—2021年中国A股制造业企业为样本进行实证检验。研究发现,智能制造具有显著提升企业ESG表现的积极效应。机制分析表明,智能制造通过资源优化效应和治理协同效应提升企业ESG表现。异质性分析表明,智能制造提升ESG表现的效应在非国有企业以及资源环境和制度环境较差的情境中更强;不同类型智能制造技术对ESG表现的影响,以及智能制造对ESG三个维度的影响均具有显著的异质性。价值分析发现,智能制造通过提升ESG表现进一步提高了企业的经济价值,有助于实现经济、社会和环境价值的统一。本文为解读智能制造如何影响企业ESG表现提供了理论依据,对于利用智能化转型提升企业ESG表现、实现可持续高质量发展具有重要现实意义。ESG emphasizes the coordination of ecological environment protection,social responsibility fulfillment and gov-ernance ability improvement,which is the key for micro-enterprises to implement the new development concept and achieve high-quality development.This paper theoretically analyzes the impact of intelligent manufacturing on ESG performance,and conducts an empirical test by using A-share manufacturing listed companies in China from 2010 to 2021 as samples.This pa-per finds that intelligent manufacturing has significant and positive effect on improving ESG performance.Mechanism analysis shows that intelligent manufacturing improves ESG performance through resource optimization effect and governance synergy effect.Heterogeneity analysis shows that the positive effect is relatively stronger in the scenario of non-state-owned enterprises and poor resource environment and institutional environment.The impact of various intelligent manufacturing technologies on ESG,as well as the effects of intelligent manufacturing on the three pillars of ESG exhibit significant heterogeneity.Value a-nalysis finds that intelligent manufacturing further improves the enterpriseseconomic value by improving ESG performance.This paper provides a theoretical reference for understanding how intelligent manufacturing affects ESG performance,and it al-so has important practical significance for how to use intelligent transformation to improve ESG performance and achieve sus-tainable development and high-quality development.

关 键 词：智能制造 ESG 融资约束 制度环境 高质量发展 

分 类 号：F272[经济管理—企业管理]