“双碳”目标下数字化转型与企业ESG责任表现:影响效应与作用机制

Digital Transformation and ESG Performance of Enterprises Under the“Double Carbon”Goal:Effect and Impact Mechanism

数字化转型赋予企业经济绩效与非经济绩效增长新的驱动力,但其能否进一步改善企业在环境、社会与治理方面的表现,助推“双碳”目标实现?以2012—2021年华证ESG评分披露的2 909家A股上市公司为样本,实证检验数字化转型对企业ESG责任表现的影响及作用机制,结果发现:第一,数字化转型可以改善企业ESG责任表现,尤其可以提升其在环境与社会责任两方面表现,且云计算技术对企业ESG责任表现的贡献最为突出。经过一系列稳健性检验后,上述结论仍然成立。第二,机制检验表明,数字化转型能够促进企业财务绩效提升并降低企业风险水平,进而促进企业绿色技术创新,故有助于提升企业ESG责任表现。第三,数字化转型对企业ESG责任表现的影响存在异质性,国有企业、成熟期企业与重污染企业ESG责任表现对数字化转型更为敏感。结论基于数字化视角可为企业绿色高质量发展提供新思路、新方法,从而为实现“双碳”目标与经济目标提供启示。

The Chinese government has been striving to achieve the“double carbon”goal since 2020.Enterprises are the main body of the market economy,and their attitudes towards green transformation and sustainable development have a profound impact on the realization of the"double carbon"Goal.However,under practical constraints such as shortage of funds,shortage of talents and lack of resources,the contradiction between economic profits and the cost of green development is deepening,and it is difficult to carry out green transformation.How to explore the effective path of enterprises'green transformation under the"double carbon"Goal has become a hot issue.Meanwhile,digital transformation that emphasizes the application of digital technology has become an indispensable key point for development.So,can digital transformation promote the further improvement of enterprise green performance?Can digital transformation provide new ideas and methods for the smooth realization of the"double carbon"Goal?In order to explore the relationship between digital transformation and enterprises'social responsibility performance,this study selects the environmental,social,and governance(ESG)concepts for analysis because they meet the requirements of low-carbon development.Taking 2909 A-share listed companies from the Huazheng ESG reports from 2012-2021 as samples,the study examines the impact of digital transformation on enterprises'ESG responsibility performance and its mechanism.The results show that digital transformation can improve the ESG performance of enterprises,especially in the aspects of environmental and social responsibility,and cloud computing technology has the most outstanding contribution to ESG performance.In addition,the improvement of enterprises'digital transformation can promote financial performance,curb risk levels,and enhance green technology innovation,which will contribute to the improvement of ESG responsibility performance,while the impact of digital transformation on ESG performance is heterogeneous.The ESG performance of state-owned enterprises,mature enterprises and heavy-polluting enterprises is more sensitive to digital transformation.Thus,it is advocated that at the enterprises level,the dual competitive advantages of digitalization and greening can be established by accelerating the change of ideas,constructing the dynamic digital-ESG development model,promoting the governance model that meets the requirements of digitalization,and choosing the development path suitable for their own resource endowments;moreover,the government should create a favorable environment for the digital transformation of enterprises,vigorously promote the concept of ESG,and carry out practical and effective assistance.All in all,it is essential to encourage all types of enterprises to foster a correct understanding digital transformation and ESG concepts,so as to contribute to the"double carbon"goal in the context of the digital economy,and achieve their own development.By clarifying the impact of digital transformation on ESG performance,its mechanism and heterogeneity,this study makes up for the shortcomings of the existing research,provides a more sufficient theoretical basis for enterprises to embrace digital transformation,and helps the realization of the"double carbon"goal.The possible marginal contributions of the study are threefold.First of all,it shifts the research perspective of digital transformation from an economic perspective to a social responsibility perspective and provides new impetus for enterprises to embrace digital transformation by analyzing the effects and mechanisms of digital transformation on enterprises'ESG responsibility performance.Second,it enriches the connotation of digital transformation impact in non-economic performance studies by analyzing the realization path of the impact of digital transformation on ESG performance from financial performance,risk level,and green technology innovation.Third,the internal connection between digital transformation and green performance provides a theoretical basis for the"win-win"of economic goals and the"double carbon"goal.The conclusions not only provide a new path for enterprises to carry out low-carbon practices but also help enterprises establish the dual competitive advantages of digital and green transformation.Despite some achievements in this study,there are still some shortcomings in the data sources,empirical analysis,and variable selection.In the future,relevant research needs to dynamically follow up on the forefront of practice,continuously explore and expand new understanding so as to enrich the research theoretical and practical values.