从事ESG能推动企业数字化转型吗？

Can Engaging in ESG Promote Enterprise Digital Transformation?

摘要: 数字化转型有利于提升企业竞争优势，但推动数字化转型也需要企业持续大量的人才、资金和技术等资源支撑。从事ESG能否通过获取外部稀缺资源从而“反哺”企业的数字化转型？利用2010~2021年中国A股制造业上市公司数据，本文考察了ESG表现对企业数字化转型的影响。研究发现：1) ESG促进了企业数字化转型，体现为ESG表现越好，企业的数字化转型水平越高，且该作用具有持续性；2) 机制检验发现，ESG主要通过改善企业的人力、资金、技术等资源基础来推进数字化转型；3) 异质性分析发现，在中小型企业、国有企业、非重污染企业中，ESG对数字化转型的促进作用更为明显；4) 进一步研究发现，财务违规弱化了ESG和企业数字化转型之间的正相关关系。本文丰富了ESG与企业数字化转型关系的理解，也为企业高质量开展数字化转型提供了有益启示。

Abstract: Digital transformation is conducive to enhancing the competitive advantage of enterprises, but promoting digital transformation also requires enterprises to sustain a large amount of resources such as talent, capital and technology support. Using data from Chinese A-share listed manufacturing companies from 2010-2021, this paper examines the impact of ESG performance on corporate digital transformation. It is found that: 1) ESG promotes digital transformation, which is reflected in the fact that the better the ESG performance, the higher the level of digital transformation of the enterprise, and the role is sustainable; 2) the mechanism test finds that ESG mainly promotes digital transformation by improving the resource base of the enterprise such as human resources, capital, and technology; 3) the analysis of heterogeneity finds that among small and medium-sized enterprises (SMEs), state-owned enterprises (SOEs), and non-heavily polluted enterprises (NHEs), ESG has a more obvious role in promoting digital transformation; 4) Further research finds that financial irregularities weaken the positive relationship between ESG and corporate digital transformation. This paper enriches the understanding of the relationship between ESG and enterprise digital transformation and provides useful insights for enterprises to carry out digital transformation with high quality.