数字化转型与绿色创新视角下的企业ESG表现对新质生产力的影响机制研究

Research on the Impact Mechanism of Corporate ESG Performance on New Quality Productive Forces: From the Perspective of Digital Transformation and Green Innovation

摘要: 当前，推动中国经济社会的高质量发展已成为焦点议题，而新质生产力作为其关键驱动力备受瞩目。在此背景下，企业环境、社会及公司治理(ESG)不仅被视为评估可持续发展水平的核心指标，其对于新质生产力的助推效应亦成为研究热点。本研究以中国A股上市企业为分析对象，使用双重中介效应模型，评估ESG实践对新质生产力的具体影响机制。实证结果明确指出：首先，企业ESG绩效能够促进新质生产力的培育，且该发现通过了严格的稳健性验证。其次，中介机制分析显示，ESG通过提升企业数字化水平与促进绿色技术创新，间接影响新质生产力的提高。最后，异质性分析表明，ESG对新质生产力的促进效果在非高新技术及大型企业群体中更为显著。据此，本文建议企业将ESG融入其战略布局，从而培育持续创新能力；同时，建议监管机构建立奖惩结合的调控机制，以共同促进新质生产力的培育与发展。

Abstract: Currently, promoting the high-quality development of China’s economy and society has become a focal issue, with new quality productive forces gaining significant attention as a key driving force. In this context, corporate Environmental, Social, and Governance (ESG) is not only regarded as a core indicator for assessing sustainable development, but its boosting effect on new quality productive forces has also become a research hotspot. Using Chinese A-share listed companies as a sample, this study employs a dual mediation effect model to systematically evaluate the specific impact mechanism of ESG practices on new quality productive forces. The empirical results indicate the following: First, corporate ESG performance significantly promotes the cultivation of new quality productive forces, and this finding remains robust after rigorous testing. Second, the analysis of the mediation mechanism shows that ESG indirectly enhances new quality productive forces by promoting green technology innovation and improving the level of corporate digitalization. Finally, the heterogeneity analysis demonstrates that the promotional effect of ESG is particularly significant in non-high-tech industries and large-scale enterprises. Accordingly, this paper recommends that companies integrate ESG into their strategic layout to foster continuous innovation capabilities. Meanwhile, regulatory agencies should establish a control mechanism that combines incentives and penalties to jointly promote the development of new quality productive forces.