绿色金融、数字化转型与企业ESG表现

Green Finance,Digital Transformation and Corporate ESG Performance

本文以2013—2021年沪深两市A股上市公司为研究对象,揭示绿色金融、数字化转型与企业ESG表现的关系。研究发现,绿色金融总体上促进企业ESG表现提升,但二者间并非线性关系,而是呈现动态的“潜力滞后—缓慢释放”的非线性变化轨迹。绿色金融发展对数字化转型的影响具有非线性特征,数字化转型在绿色金融与企业ESG表现间起中介作用,但这种中介作用体现为遮掩效应;数字化转型导致绿色金融对企业ESG的推动作用是非线性的,随着数字化转型提升,绿色金融对企业ESG表现的促进作用缓慢释放。进一步分析发现,绿色金融对企业ESG表现的促进作用在信息不对称较低组、金融基础较高组、重污染行业与国有企业中更显著;绿色金融同群效应显著促进企业ESG表现提升;ESG表现同群效应显著改善环境绩效,但对财务绩效短期无显著影响。

Taking the A-share listed companies in Shanghai and Shenzhen from 2013 to 2021 as the research object,the relationship between green finance,digital transformation and corporate ESG performance is revealed,and it is found that green finance generally promotes the improvement of corporate ESG performance,but the relationship between the two is not linear,but a dynamic nonlinear change trajectory of“potential lag-slow release”.The impact of green finance development on digital transformation is non-linear,and digital transformation plays an intermediary role between green finance and corporate ESG performance,but this intermediary role is reflected in the concealment effect.Digital transformation leads to the non-linear role of green finance in promoting corporate ESG,and with the improvement of digital transformation,the role of green finance in promoting corporate ESG performance is slowly released.Furthermore,the promotion effect of green finance on the ESG performance of enterprises was more significant in the group with low information asymmetry,the group with high financial foundation,and the heavily polluting industries and state-owned enterprises.The cohort effect of green finance significantly promotes the improvement of corporate ESG performance.ESG performance cohort effect significantly improved environmental performance,but had no significant short-term impact on financial performance.