何种机制使耐心资本有效提升企业ESG绩效？——基于高管介入、信息披露与数字赋能的路径分析

What Mechanisms Enable Patient Capital to Effectively Improve Corporate ESG Performance?—A Path Analysis Based on Executive Involvement, Information Disclosure, and Digital Empowerment

摘要: “双碳”目标和数字化转型视阈下，企业ESG绩效深刻地影响着公司的长期价值，其与耐心资本存在一定的关联性。以2009~2023年沪深A股4199家上市公司为样本，分别构建基准回归、中介效应与调节效应模型，实证探究耐心资本对企业ESG绩效的影响机制。本文引入高管激励重构和绿色认知升级的中介机制，并识别出信息披露质量与数字化转型的关键调节效应，系统揭示耐心资本如何通过“高管介入–信息披露–数字赋能”的路径驱动ESG绩效提升。研究发现，耐心资本显著促进企业ESG绩效提升，该效应在高管具有海外背景、重污染行业、东部地区及两职合一企业中更为突出。

Abstract: From the perspective of the “dual-carbon” goals and digital transformation, corporate ESG performance profoundly impacts the company’s long-term value and is somewhat related to patient capital. Using a sample of 4199 listed companies on the Shanghai and Shenzhen A-shares from 2009 to 2023, this study constructs benchmark regression, mediation effect, and moderation effect models to empirically explore the impact mechanism of patient capital on corporate ESG performance. The study introduces mediation mechanisms of executive incentive restructuring and green cognition upgrading, and identifies key moderating effects of information disclosure quality and digital transformation, systematically revealing how patient capital drives ESG performance improvement through the “executive involvement-information disclosure-digital empowerment” pathway. The study finds that patient capital significantly promotes the improvement of corporate ESG performance, with this effect being more pronounced in companies with executives having overseas backgrounds, in heavily polluting industries, in the eastern region, and in firms with combined dual roles.