高管环境注意力对企业智能化转型的影响研究

Study on the Impact of Managerial Environmental Attention on Enterprise Intelligent Transformation

摘要: 本文基于2019~2024年我国A股上市公司的面板数据，构建多维固定效应模型，对高管环境注意力影响企业智能化转型的统计关系、异质性与作用路径进行实证检验。研究表明：第一，高管环境注意力与企业智能化转型在1%水平上呈显著正相关，且经过变量测度替换与工具变量法等稳健性检验后结论依然成立，证实了其激励效应的可靠性。第二，分样本回归结果显示，该效应存在显著的区域异质性，沿海地区最为敏感，而黄河中游地区(山西，内蒙古，河南，陕西)则不显著。这表明高管环境注意力易被能源重化工产业结构的多重转型压力挤占，揭示了企业智能化转型面临的区域性约束。第三，中介效应模型检验支持“高管环境注意力→政府环保补助→企业智能化转型”的传导路径，再次说明该效应的有效性高度依赖于特定的地域制度环境。

Abstract: Based on panel data from China’s A‑share listed companies during 2019~2024, this study constructs a two‑way fixed‑effects model to empirically examine the statistical relationship, heterogeneity, and mechanism through which managerial environmental attention influences enterprise intelligent transformation. The findings indicate: First, managerial environmental attention exhibits a significantly positive correlation with enterprise intelligent transformation at the 1% level, and the result remains robust after alternative variable measurements and instrumental variable tests, confirming the robustness of its incentive effect. Second, subsample regression reveals notable regional heterogeneity: the effect is most pronounced in coastal areas, while it is not significant in the Yellow River Midstream region (Shanxi, Inner Mongolia, Henan, Shaanxi). This suggests that in energy-heavy, chemical-dominated regions, managerial environmental attention is crowded out by overlapping transition pressures, underscoring the regional ceiling on enterprise intelligent transformation. Third, mediation analysis supports the transmission path of “managerial environmental attention → government environmental subsidies → enterprise intelligent transformation”, further underscoring that the effectiveness of this mechanism depends heavily on specific regional institutional environments.