数字化转型、ESG表现与民营企业商业信用融资

Digital Transformation, ESG Performance and Commercial Credit Financing for Private Enterprises

在新一轮的产业革命推动下,数字化转型已成为民营企业提升竞争力的重要途径,不仅有助于其优化内部管理、提高运营效率,还能在推动ESG表现提升、增强商业信用融资能力方面发挥重要作用。本文以2013~2022年上市民营企业为样本,探究民营企业数字化转型对其商业信用融资的影响。研究发现:民营企业数字化转型可以提升商业信用融资水平,并且其ESG表现具有中介作用;民营企业的研究意愿会抑制数字化转型对其商业信用融资的促进作用,供应商集中度在其中具有链式中介作用;在民营企业数字化转型对其商业信用融资的作用方面,高电子商务区域发展水平组与低电子商务区域发展水平组均显著存在,但高电子商务区域发展水平组的作用显著小于低电子商务区域发展水平组;其作用在高创新能力组与低创新能力组均显著存在,但前者的作用显著大于后者;其作用在制造业组与非制造业组均显著存在,但二者作用大小并无显著差异。Driven by the new round of industrial revolution, digital transformation has become an important way for private enterprises to improve their competitiveness, which not only helps optimize internal management and improve operational efficiency, but also plays an important role in promoting ESG performance and enhancing commercial credit financing ability. This paper takes listed private enterprises from 2013 to 2022 as samples to explore the impact of digital transformation of private enterprises on their commercial credit financing. The results show that the digital transformation of private enterprises can improve the level of commercial credit financing, and its ESG performance plays an intermediary role. The research intention of private enterprises will inhibit the promotion effect of digital transformation on their business credit financing, and supplier concentration plays a chain intermediary role in it. For exploring the promotion effect of private enterprises’ digital transformation on their commercial credit financing, both high e-commerce regional development level groups and low e-commerce regional development level groups exist significantly, but the role of high e-commerce regional development level groups is smaller than that of low e-commerce regional development level groups. The effect was significant in both the high innovation ability group and the low innovation ability group, but the effect of the former was greater than that of the latter. Its effect was significant in both manufacturing group and non-manufacturing group, but the difference between the two was not obvious.