企业数字化转型与ESG表现影响研究——基于外部关注视角的中介作用

Research on the Impact of Corporate Digital Transformation and ESG Performance—A Mediation Test Based on External Attention

随着数字经济时代全面到来,“双碳”愿景深入人心,企业进行数字化转型和提升ESG表现成为两大根本任务。数字化转型能否提升企业ESG表现,投资者、分析师、媒体等外部关注在其中发挥怎样的作用?本文选取2012~2022年沪深A股上市公司数据,基于现代公司治理理论、信号传递理论、迎合理论和声誉理论,采用双重固定效应模型对数字化转型和企业ESG表现的关系及三个外部关注因素的影响路径进行研究。结果显示:数字化转型可以提高企业ESG表现,通过投资者关注、分析师关注和媒体关注三条外部路径进行作用,且投资者关注、分析师关注和媒体关注均为部分中介;异质性分析表明三条外部路径均在国有企业中更为显著。With the advent of the digital economy era and the “dual carbon” vision deeply rooted in the hearts of the people, the digital transformation of enterprises and the improvement of ESG performance have become two fundamental tasks. Can digital transformation improve corporate ESG performance, and what role do external concerns such as investors, analysts, and media play in this? Based on the modern corporate governance theory, signaling theory, pandering theory and reputation theory, this paper uses a double fixed-effect model to study the relationship between digital transformation and corporate ESG performance and the influence path of three external factors based on modern corporate governance theory, signaling theory, pandering theory and reputation theory. The results show that digital transformation can improve the ESG performance of enterprises, and it can be carried out through three external paths: investor attention, analyst attention and media attention, and investor attention, analyst attention and media attention are some intermediaries. Heterogeneity analysis showed that the three external pathways were more significant in SOEs.