摘要：在数字化与绿色化高质量发展趋势下，数字普惠金融和企业ESG表现成为驱动经济高质量的重要力量，数字普惠金融如何赋能企业绿色转型发展成为了当前重要现实命题。本文基于中国沪深A股上市公司2011—2023年的数据考察了数字普惠金融如何赋能企业ESG表现。研究发现，首先，数字普惠金融及其覆盖广度、使用深度以及数字化程度均显著提升了企业ESG表现；区分企业ESG表现各维度后，数字普惠金融对企业环境责任表现、社会责任表现与公司治理表现均产生显著的提升效应。其次，从作用机制来看，数字普惠金融通过驱动企业绿色创新、增强企业社会声誉以及改善企业治理水平的三重机制提升企业ESG表现；区分企业ESG表现各维度后，数字普惠金融通过驱动企业绿色创新提升企业环境责任表现，通过增强企业社会声誉提升企业社会责任表现，以及通过改善企业公司治理水平提升企业公司治理表现。最后，异质性分析发现，企业CEO金融背景、行业高环保敏感度、地区低市场化程度以及地区高金融监管强度强化了数字普惠金融对企业ESG表现的赋能提升效应。本文研究揭示了数字化时代金融对企业ESG表现的赋能作用，为推动企业更好地实施ESG战略行动和实现高质量发展提供了经验启示。
关键词：数字普惠金融；企业ESG表现；绿色创新；社会声誉；公司治理
How Can Digital Inclusive Finance Empower Enterprise ESG Performance？
Li Jinglin , Li Tingting ,Yang Yuxuan, Yang Zhen
Abstract: Under the trend of high-quality development in digitalization and greening, digital inclusive finance and enterprise ESG performance have become important forces driving high-quality economic development. How digital inclusive finance empowers enterprises to achieve green transformation and development has become an important practical proposition at present. Based on the data of A-share listed companies in Shanghai and Shenzhen in China from 2011-2023, this paper examines how digital inclusive finance empowers enterprise ESG performance. Firstly, digital inclusive finance and its coverage, depth of use, and degree of digitization can significantly improve enterprise ESG performance. After distinguishing the dimensions of enterprise ESG performance, Finance had a significant improvement effect on corporate environmental responsibility performance, social responsibility performance, and corporate governance performance. Secondly, from the perspective of the mechanism of action, digital inclusive finance mainly enhances the enterprise ESG performance through a triple mechanism of improving corporate financing level, enhancing corporate social reputation, and improving corporate governance level. After distinguishing the various dimensions of enterprise ESG performance, digital inclusive finance enhances enterprise environmental responsibility performance by driving green innovation, enterprise social responsibility performance by enhancing enterprise social reputation, and enterprise governance performance by improving enterprise governance levels. Thirdly, heterogeneity analysis found that the empowering effect of digital inclusive finance on enterprise ESG performance is more obvious in enterprise with CEO with financial background, industries with high environmental sensitivity, areas with low marketization level, and areas with high financial regulatory intensity. This study reveals the empowering effect of finance in the digital age on the enterprise ESG performance, providing empirical insights for enterprise to promote better implementation of ESG strategic actions and achieving high-quality development.
Keywords: Digital Inclusive Finance; Enterprise ESG Performance; Green Innovation; Social Reputation; Corporate Governance
