摘要
基于注重生态环境保护、履行社会责任、提高治理水平的ESG理念与企业高质量发展需求不谋而合。选取2011—2020年中国A股上市公司作为研究样本,实证研究ESG责任履行、数字化转型与企业价值创造之间的关系。结果发现:(1)ESG责任履行与企业价值创造正相关;(2)数字化转型赋能ESG责任履行的价值创造效应存在双重门槛效应,随着数字化转型深入程度与数字化转型投资水平的增加,ESG责任履行对企业价值创造的影响分别呈现边际效应递增、先促进后抑制的倒U型门槛效应;(3)非国有企业ESG责任履行受到数字化转型深入程度门槛效应的正面影响更大,国有企业ESG责任履行受到数字化转型投资水平门槛效应的正面影响更大。有鉴于此,提出增强ESG责任履行意识、加快数字化转型步伐、发挥政府宏观调控作用的建议。
The ESG concept,which emphasizes the coordination and unity of ecological environment protection,social responsibility fulfillment and improvement of governance level,has received extensive attention from the theoretical circle and has become an important reference for measuring the sustainable development ability of enterprises.Most of the existing research explores the influence logic of ESG responsibility performance on enterprise value creation through correlation test,and the research perspective covers internal governance,external motivation,operating pressure and reputation effect.At the same time,the linear relationship between the impact of enterprise digital transformation on ESG responsibility performance has been verified by a certain degree of experience,but there is little literature to discuss the internal logical relationship between digital transformation enabling ESG responsibility performance and strengthening enterprise value creation.In addition,although the potential impact of digital transformation is concerned in the selection of adjustment variables,it has not been further verified at the micro level of digital transformation degree and investment level,which leads to the lack of in-depth theoretical analysis of the non-linear relationship between ESG responsibility performance and value creation,and the lack of explanatory conclusions.Chinese A-share listed companies from 2011-2020 are selected as the research sample to empirically investigate the relationship between ESG responsibility fulfillment,digital transformation and corporate value creation.Research findings:First,ESG responsibility fulfillment is positively related to enterprise value creation.Second,there is a double threshold effect of the value creation effect of ESG responsibility fulfillment enabled by digital transformation,with the increase of the depth of digital transformation and the level of investment in digital transformation,the impact of ESG responsibility fulfillment on enterprise value creation shows an inverted U-shaped threshold effect of increasing marginal effect and first promoting and then inhibiting.Third,non-state-owned enterprises ESG responsibility fulfillment is more positively affected by the threshold effect of the depth of digital transformation,and ESG responsibility fulfillment of state-owned enterprises is more positively affected by the threshold effect of the level of investment in digital transformation.In view of this,suggestions are made to enhance the awareness of ESG responsibility fulfillment,accelerate the pace of digital transformation,and play the role of government macro-regulation to promote the integration of digital transformation and ESG concept and enhance the value creation ability of enterprises.Compared with the existing literature,the possible research contributions of this paper are as follows:in terms of research perspective,this paper introduces the background of digital transformation,integrates ESG responsibility fulfillment,digital transformation and enterprise value creation into a holistic analysis framework,reveals that digital transformation enables ESG responsibility fulfillment and strengthens enterprise value creation effect,and expands the research horizon of ESG responsibility fulfillment in the context of digital economy.In terms of mechanism analysis,focusing on the depth of digital transformation and the level of investment in digital transformation,this paper empirically tests the threshold effect of digital transformation enabling ESG responsibility fulfillment to strengthen enterprise value creation,enriches the research content of non-linear correlation of ESG responsibility fulfillment in the context of digital economy,and makes up for the possibility or deficiency of existing literature focusing on single research of linear relationship.In terms of heterogeneity analysis,the heterogeneity test of the threshold effect of digital transformation depth and digital transformation investment level based on the nature of property rights is implemented to explore whether there is a significant difference between state-owned enterprises and non-state-owned enterprises in digital transformation enabling ESG responsibility fulfillment and strengthening enterprise value creation,so as to provide empirical evidence for the high-quality development of enterprises.
作者
吴勋
杨美漪
WU Xun;YANG Meiyi(Shaanxi(University)Research Center for Economic Management of Oil and Gas Resources,Xi'an Shiyou University,Xi'an 710065,China;School of Economics and Management,Xi'an Shiyou University,Xi'an 710065,China)
出处
《科学学与科学技术管理》
CSSCI
CSCD
北大核心
2024年第10期103-118,共16页
Science of Science and Management of S.& T.
基金
国家社会科学基金一般项目(17BGL145)
陕西省教育厅青年创新团队建设科研计划项目(23JP126)
陕西省教育厅青年创新团队科学研究计划项目(24JP129)
陕西省哲学社会科学重大理论与现实问题研究项目(2022ND0205)
陕西高校青年创新团队建设项目(2022068)。
关键词
ESG责任履行
企业价值创造
数字化转型
ESG responsibility fulfillment
corporate value creation
digital transformation
