技术与创新管理2024，Vol.45Issue(3)：343-354,12.DOI:10.14090/j.cnki.jscx.2024.0312
ESG表现、数字化转型与企业财务风险
ESG Performance,Digital Transformation and Corporate Financial Risk
摘要
Abstract
In the context of China's practice of the concept of sustainable development and the pursuit of high-quality economic development,it is of great significance to promote the layout of environmental,social,and governance(ESG)and digital transformation strategy of enterprises so as to prevent and re-solve financial risks.This paper empirically investigates the relationship between ESG performance and corporate financial risk and the moderating role of digital transformation through the data of A-share lis-ted companies in Shanghai and Shenzhen from 2013 to 2022.It is found that ESG performance signifi-cantly inhibits corporate financial risk,and that the mechanism is to improve internal management effi-ciency,reduce information asymmetry and enhance analyst attention.Python is used to analyze the text to calculate the degree of digital transformation of enterprises,and it is found that digital transformation positively moderates the inhibition effect of ESG performance on corporate financial risks.Heterogeneity analysis shows that the role of ESG performance in reducing corporate financial risk is more pronounced in heavily polluting enterprises,enterprises in growth and mature,enterprises in economically backward regions,and enterprises with intense industry competition.In addition,corporate financial risk reduction also has a value-enhancing effect.Accordingly,suggestions are made for the collaborative development of ESG and digital transformation,effective management of corporate financial risk,and safeguarding the smooth operation of the macroeconomy at the three levels of enterprises,government and regulatory agencies,and other market players.关键词
工商管理/ESG表现/数字化转型/企业财务风险/可持续发展/高质量发展Key words
business administration/ESG performance/digital transformation/corporate financial risk/sustainable development/high quality development分类
管理科学引用本文复制引用
张瑞欣,郭淑娟,常京萍..ESG表现、数字化转型与企业财务风险[J].技术与创新管理,2024,45(3):343-354,12.基金项目
教育部人文社会科学研究青年基金项目"混改国企非国有股东董事会权力超额配置的微观机制及经济后果研究"(22YJC630059) （22YJC630059）
山西省哲学社会科学规划课题"动态及竞争环境下山西省科技型企业双元创新驱动高质量发展路径研究"(2022YY025) （2022YY025）
山西省科技战略研究专项"山西省科技金融促进科技型中小企业'专精特新'发展的政策研究"(202204031401056) （202204031401056）
山西省科技战略研究专项"'双碳'目标下山西省煤炭行业科技创新驱动高质量发展研究"(202104031402058) （202104031402058）
山西省科技战略研究专项"山西省科技型中小企业夹层融资模式应用研究"(202104031402054) （202104031402054）
