企业数字化转型与ESG表现*——基于中国上市企业的经验证据

Firm Digital Transformation and ESG Performance: Evidence from Chin’s A-share Listed Firms

王应欢，郭永祯

2023 第 49 卷第 09 期页码 94-108

DOI: 10.16538/j.cnki.jfe.20230517.301

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摘要

如何提高企业ESG表现是目前学术界和实践界共同关注的热点问题。在数字经济蓬勃发展的背景下，数字化转型为这一热点问题赋予了新的内涵和意义。然而，仍不清楚企业能否将数字化转型带来的资源、能力和竞争优势与可持续发展以及ESG表现相匹配。因此，有必要围绕企业数字化转型对其ESG表现的影响及作用机制展开研究。文章基于2013—2020年中国A股上市公司的面板数据，实证检验了企业数字化转型对ESG表现的影响。研究发现，企业数字化转型程度与ESG表现呈明显的“倒U形”关系，这一结论在经过倾向得分匹配法、工具变量法和更换变量衡量方式等一系列检验后依然稳健。异质性分析表明，创新导向型企业和国有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创新能力和信息披露质量两条渠道来影响企业ESG表现。文章清晰揭示了企业数字化转型影响ESG表现的“双刃剑”作用的机理，剖析了企业数字化与可持续发展实现兼容的路径，这对于中国在全球数字化浪潮下实现绿色转型和“双碳”目标具有重要的政策和实践启示。

How to improve the ESG performance of firms has become a hot topic in both academic and practical fields. Under the background of the vigorous development of the digital economy, digital transformation has given new connotations and significance to this topic. However, even though digital transformation performance has gained widespread attention, it remains unclear whether firms can match the resources, capabilities, and competitive advantages that digital transformation brings with sustainable development and ESG performance. Therefore, it is necessary to investigate the impact and mechanism of firm digital transformation on ESG performance to provide new evidence for an in-depth understanding.

In view of this, this paper takes China’s A-share listed firms from 2013 to 2020 as the sample to explore the relationship between firm digital transformation and ESG performance. The empirical evidence suggests an inverted U-shaped relationship between firm digital transformation and ESG performance. That is, to a certain extent, ESG performance increases with the degree of digital transformation. After exceeding a certain degree, digital transformation, in turn, reduces ESG performance. The conclusion is still valid after a series of robustness tests such as PSM method, instrumental variable method and changing variable measurement. Heterogeneity analysis shows that firms with high R&D investment and state-owned firms can achieve the best ESG performance at a higher degree of digital transformation. Mechanism testing shows that digital transformation mainly affects ESG performance through the two channels of green innovation capability and information disclosure quality.

The contributions of this paper are as follows: (1) It focuses on the antecedents of ESG performance and reveals its nonlinear relationship with digital transformation, which contributes to the related research of ESG and digital transformation. (2) It finds that firms can improve their ESG performance by promoting digital transformation. However, the excessive degree of digital transformation may tighten corporate resources, resulting in poor ESG performance. (3) It explores the moderating effect of the nature of property rights and innovation orientation on this relationship, and further explores the mechanism of this nonlinear relationship. The findings deepen the understanding of ESG performance and provide a theoretical basis and practical guidance for Chinese firms to correctly grasp the consequences of digital transformation, which contributes to the national sustainable development strategy.

关键词： 数字化转型,表现,倒形,绿色专利

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