经济与管理研究2025，Vol.46Issue(10)：39-56,18.DOI:10.13502/j.cnki.issn1000-7636.2025.10.003
智能制造对企业ESG表现的影响研究
Impact of Intelligent Manufacturing on Corporate ESG Performance
摘要
Abstract
Intelligent manufacturing is gradually becoming a crucial factor in enhancing corporate environmental,social,and governance(ESG)performance and promoting high-quality economic development.Against this background,this paper takes the Intelligent Manufacturing Pilot Demonstration(IMPD)projects implemented by China's Ministry of Industry and Information Technology as a quasi-natural experiment.Using a multi-period difference-in-differences(DID)approach and panel data from A-share manufacturing companies listed on the Shanghai and Shenzhen stock exchanges from 2010 to 2023,this paper explores the impact of intelligent manufacturing on corporate ESG performance and its underlying mechanisms. The results show that intelligent manufacturing can improve ESG performance in the manufacturing sector.Mechanism analysis suggests that intelligent manufacturing enhances ESG performance by alleviating financing constraints,fostering green innovation,and increasing media attention.Heterogeneity analysis reveals that the promoting effect is more significant in enterprises whose executives have a digital background,in non-state-owned enterprises,in heavily polluting enterprises,and in the G(governance)dimension. Based on the above conclusions,this paper proposes the following policy recommendations.First,the government should further deepen the implementation of IMPD projects and expand the scope of the pilots to attract more enterprises to participate in intelligent manufacturing.Second,it is necessary to ensure smooth functioning of the three transmission channels—financing constraints,green innovation,and media attention,so as to provide a mechanism guarantee for enterprises to enhance their sustained development capabilities through intelligent manufacturing.Third,policies should be tailored to enterprises,promoting differentiated development in key areas and among special groups.In addition,the government should strengthen the supervision and guidance of intelligent manufacturing projects to improve production efficiency and facilitate higher transparency and compliance at the governance level. The marginal contribution is twofold.First,this paper constructs a three-stage transmission pathway,demonstrating that intelligent manufacturing influences corporate ESG performance through a comprehensive logic spanning from resource acquisition to technological investment and institutional norms,rather than a single-dimensional capability.Second,by using the IMPD projects as an exogenous shock,the paper establishes a quasi-natural experiment to systematically evaluate the impact of intelligent manufacturing on corporate ESG performance.This approach aligns closely with the practical logic of government-driven intelligent manufacturing transformation,enriching the research perspective on the relationship between intelligent manufacturing and corporate sustainable development.关键词
智能制造/企业ESG表现/融资约束/绿色创新/媒体关注度Key words
intelligent manufacturing/corporate ESG performance/financing constraint/green innovation/media attention分类
管理科学引用本文复制引用
管潇潇,李巍,张志超..智能制造对企业ESG表现的影响研究[J].经济与管理研究,2025,46(10):39-56,18.基金项目
教育部人文社会科学研究规划基金项目"国际冲突背景下新能源车产业链供应链韧性和安全水平的提升对策研究"(24YJAZH020) （24YJAZH020）
中国博士后科学基金资助项目"绿色金融视角下双向投资协同发展的减污降碳效应研究"(2023M732562) （2023M732562）
