企业数字化转型对ESG表现的影响机制研究——基于管理层治理与外部监督视角
Research on the Influence Mechanism of Corporate Digital Transformation on ESG Performance—Based on the Perspectives of Management Governance and External Supervision

企业的数字化转型通过与生产经营过程深度结合，促进了企业的信息传递与价值创造，对企业的ESG表现产生了深刻影响。为研究如何激发企业实践ESG的内在动力问题，本文以2011~2022年我国A股上市公司数据为样本对企业数字化转型与ESG表现之间的关系进行了研究，并从内部管理层治理与外部监督视角对其影响机制进行了分析。研究表明：1) 企业的数字化转型可以显著促进ESG表现。2) 从管理层治理方面看，管理层自信程度越高、非效率投资水平越高，数字化转型对ESG表现的促进作用越小。3) 从外部监督视角看，企业接受的审计质量越高、分析师关注越多，数字化转型对ESG表现的促进效应越显著。异质性分析表明，数字化转型对ESG表现的促进作用在国有企业中更加显著。
The digital transformation of enterprises has promoted the information transmission and value creation of enterprises through the deep integration with the production and operation process, and has a profound impact on the ESG performance of enterprises. In order to study how to stimulate the internal motivation of enterprises to practice ESG, our paper bases the data of China’s A-share listed companies from 2011 to 2022. This paper studies the relationship between corporate digital transformation and ESG performance, and analyzes its influence mechanism from the perspectives of internal management governance and external supervision. The research shows that: 1) The digital transformation of enterprises can significantly improve ESG performance. 2) From the perspective of management governance, the higher the level of management confidence, the higher the level of inefficient investment, the less digital transformation will promote ESG performance. 3) From the perspective of external supervision, the higher the quality of audit and the more attention from analysts, the more significant the promotion effect of digital transformation on ESG performance. Heterogeneity analysis shows that the role of digital transformation in promoting ESG performance is more significant in state-owned enterprises.