企业数字化转型对环境社会责任的影响研究--“末端治理”还是“源头控制”?

Study on the Impact of Digital Transformation on Environmental Social Responsibility:From“End-of-End Treatment”to“Source Control”?

本文基于2006—2020年我国A股上市企业数据,考察企业数字化转型对企业环境社会责任的影响及机制。研究发现:企业数字化转型对企业“源头控制”环境社会责任有显著正向影响,对“末端治理”环境社会责任有显著负向影响,并实现了企业从“末端治理”向“源头控制”的转变。实证结论在经一系列稳健性检验与内生性处理后依然成立。机制分析发现,数字化转型能通过员工绿色行为、企业环境社会关注意愿及全要素生产率影响企业的环境社会责任。调节效应发现,公司治理与融资成本能进一步调节数字化转型对两种环境社会责任的影响。异质性分析发现,数字化转型对非国有、高环境规制及高学历高管在承担“源头控制”环境社会责任上有着更显著的影响。动机分析发现,企业之所以从“末端治理”向“源头控制”环境社会责任的转变,其动机在于后者对企业价值有着更为显著的正向影响,而数字化转型在其中会进一步强化这一影响。

Based on the data of China's A-share listed enterprises from 2006 to 2020,the impact and mechanism of corporate digital transformation on corporate environmental social responsibility was examined.It is found that enterprise digital transformation has a significant positive impact on the environmental social responsibility of“source control”and a significant negative impact on the environmental social responsibility of“end governance”,and realizes the transformation of enterprises from“end governance”to“source control”.The empirical findings still hold after a series of robustness tests and endogeneity treatment.Mechanism analysis reveals that digital transformation affects CSR through employeesgreen behaviors,corporate willingness to pay attention to environmental and social issues,and total factor productivity.The moderating effect finds that corporate governance and financing cost can further moderate the impact of digital transformation on both environmental social responsibilities.Heterogeneity analysis reveals that digital transformation has a more significant effect on non-state ownership,high environmental regulation,and highly educated executivescommitment to“source control”environmental social responsibility.Motivation analysis reveals that the shift from“end-of-pipe”to“source-control”CSR is motivated by the more significant positive impact of the latter on corporate value,which is further strengthened by digital transformation.