数字化转型能否提高企业环境—社会—治理绩效——机制检验与内外协同治理的调节效应

Whether Digital Transformation Can Improve Enterprise’s Environmental-Social-Governance Performance:The Moderating Effect of Mechanism Test and Internal and External Collaborative Governance

当前,数字经济蓬勃发展,企业数字化转型作为重要的组成部分和微观体现,对推动企业在环境、社会和治理方面表现发挥着重要作用。利用2017—2021年中国A股上市公司的面板数据,实证考察了企业数字化转型对ESG绩效的影响及其作用机理,以及在内外协同治理下的异质性表现。研究结果表明:(1)企业数字化转型会显著提高企业ESG绩效。(2)影响机制分析表明,企业数字化转型可以通过促进企业结构优化、提高绿色创新能力以及降低非效率投资等途径对ESG绩效产生间接的促进作用;(3)异质性分析表明,企业数字化转型对ESG绩效的促进效应在内部治理欠缺、外部监管较强的企业中更为显著,数字化转型与内部治理存在部分替代效应,“内松外紧”的协同治理更可能使企业数字化转型的效用达到最大化。稳健性检验表明研究结论可靠,为推动企业更好地履行ESG责任和落实“双碳”目标提供了理论支持和经验证据。

At present,the digital economy is booming.As an important part and microcosmic embodiment,enterprise digital transformation plays an important role in promoting enterprise performance in the environment,society and governance.Using the Panel data of Chinese A-share listed companies from 2017 to 2021,this paper empirically examines the impact of digital transformation on ESG performance and its mechanism,as well as the heterogeneous performance under internal and external collaborative governance.The research results show that:(1) Enterprise digital transformation will significantly improve enterprise ESG performance.(2) The impact mechanism analysis shows that the digital transformation of enterprises can indirectly promote ESG performance by promoting the optimization of enterprise structure,improving green innovation capability and reducing inefficient investment.(3) Heterogeneity analysis shows that the promotion effect of digital transformation on ESG performance is more significant in enterprises with insufficient internal governance and strong external supervision.There is a partial substitution effect between digital transformation and internal governance.The collaborative governance of “internal loosening and external tightening” is more likely to maximize the effectiveness of digital transformation.The robustness test indicates that the research conclusions are reliable,providing theoretical support and empirical evidence for promoting enterprises to better fulfill their ESG responsibilities and implement the “dual carbon” goals.