文献类型：期刊文献

中文题名：数字化注意力对企业ESG表现的影响与作用机制——信息披露质量与资源配置效率的中介效应

英文题名：The Impact and Mechanism of Digital Attention on Corporate ESG Performance:The Moderation Effects of Information Disclosure Quality and Resource Allocation Efficiency

作者：史庆瑞[1];麦勇[1]

机构：[1]华东理工大学商学院,上海200237

年份：2025

卷号：42

期号：19

起止页码：107

中文期刊名：科技进步与对策

外文期刊名：Science & Technology Progress and Policy

收录：;北大核心:【北大核心2023】；

基金：国家自然科学基金重大研究计划项目(92146002);国家社会科学基金后期资助项目(20FJYB057)。

语种：中文

中文关键词：数字化注意力;企业ESG表现;信息披露质量;资源配置效率;机器学习

外文关键词：Digital Attention;Corporate ESG Performance;Information Disclosure Quality;Resource Allocation;Machine Learning

摘要：数字化注意力是企业数字化战略决策与数字化转型的前提条件。数字化注意力对企业履行ESG责任具有重要影响,对经济可持续与高质量发展具有重要意义。以2011—2021年A股上市公司作为研究样本,考察企业所在城市数字化注意力因素并构建上市公司数字化注意力指标,采用基于词向量的机器学习方法对企业ESG表现进行文本测量,实证研究数字化注意力对企业ESG表现的影响及作用机制。结果发现,数字化注意力能够显著提升企业ESG表现,在经过一系列稳健性检验后,上述结论依然成立。机制分析表明,数字化注意力有助于企业加快数字化进程,以数字技术为支撑,通过提升信息披露质量和资源配置效率提升企业ESG表现。异质性分析发现,在东部地区企业、非重污染企业和非高科技企业中,数字化注意力对企业ESG表现的影响更显著。因此,企业应提升自身数字化注意力水平,重视数字化在ESG责任履行过程中的作用;政府应制定相应政策,促使企业加快数字化进程,实现数字化战略与ESG战略协同发展。
In recent years,the ESG concept,which is in line with the sustainable development strategy,has attracted more and more attention and favor from market participants.However,enterprises are currently facing a lot of resistance in the process of ESG practice,such as insufficient external incentives and internal motivation for enterprises to fulfill their ESG responsibilities,as well as the lack of corresponding technical and resource support.Meanwhile,with the advent of the digital economy,the application and innovative development of digital technology resulting from digitization has brought more technological support for enterprises to fulfill their ESG responsibilities,and has become an important enabler for the fulfillment of corporate ESG responsibilities.However,due to the differences in development level,resource endowment,and technology level of different enterprises,enterprises have obvious differences in cognition,willingness and implementation of digitalization,which will affect the role of digitalization on enterprise ESG performance.Digital attention is a prerequisite for enterprises to make digital strategic decisions and transformation.However,there is no article that explores its impact on corporate ESG performance from the perspective of digital attention.Can digital attention boost ESG performance?What are the mechanisms of action?The answers to these questions are important and significant in research on how the digital economy drives sustainable and high-quality economic development.In order to explore the impact and mechanism of digital attention on corporate ESG performance,taking the research samples of Chinese A-share listed companies from 2011 to 2021,this study constructs a relatively comprehensive digital attention indicator for listed companies from the perspective of enterprises while considering the digital attention factors of the cities where the enterprises are located,and uses a word vector-based machine learning method to measure ESG performance of enterprises.Then,the impact of digital attention on corporate ESG performance and its mechanism of action are investigated empirically from the perspective of attention allocation.The study finds that digital attention significantly enhances ESG performance,and the findings hold after considering a series of robustness tests and endogeneity issues.The mechanism analysis shows that digital attention enhances the digitization process of companies,and is supported by digital technology to promote ESG performance through two paths:promoting the quality of corporate information disclosure and enhancing resource allocation.The heterogeneity analysis finds that digital attention has a greater impact on ESG performance of eastern region enterprises,non-heavy polluting enterprises and non-high-tech enterprises.Therefore,enterprises should pay attention to the important role that digitalization plays in the process of fulfilling ESG responsibilities.The government should also adopt corresponding policies to promote the digitalization process of enterprises and achieve the coordinated development of digital strategy and ESG strategy.The possible marginal contributions of this paper are threefold.Firstly,in terms of research perspective,this paper empirically analyzes the impact of digital attention on corporate ESG performance by taking digital attention as an entry point,advancing research on ESG influencers and enriching ESG antecedent literature.Secondly,in terms of research content,this paper constructs digital attention indicators of listed companies in a relatively comprehensive way from the perspective of enterprises,while considering the digital attention factors of the cities where the enterprises are located,and explores the role path of digital attention on the ESG performance of enterprises from the perspectives of information disclosure quality and resource allocation efficiency.Meanwhile,this study explores the heterogeneity in the dimensions of regional attributes,pollution attributes,and technological attributes,and uses systematic GMM and double-difference methods to alleviate the endogeneity problem.The above exploration further expands and deepens the research on the non-economic effects of the enterprise digitization process,and provides practical guidance and a theoretical basis for promoting China's enterprises to fulfill their ESG responsibilities and help the strategy of high-quality and sustainable development.Thirdly,methodologically,it integrates machine learning and text analysis,introducing a novel text indicator for ESG performance.This suggests a new research idea for the integration of machine learning and econometrics,and also provides a reference for the quantification of corporate ESG and the construction of other economic indicators.