中国人口·资源与环境2026，Vol.36Issue(6)：1-17,17.DOI:10.12062/cpre.20251211
数实融合政策对企业ESG表现的提升效应
Enhancing effect of the digital-real integration policy on corporate ESG perforance:evidence from the National Big Data Comprehensive Pilot Zones
摘要
Abstract
The vigorous development of the digital economy,with big data at its core,has accelerated the restructuring of the global economic landscape.The integration of the digital economy and the real economy(hereafter referred to as"digital-real integration")has emerged as a new driver of economic development and is expected to significantly influence the green and high-quality development of enterprises.However,existing literature lacks the necessary attention to this impact.Treating the construction of the National Big Data Comprehensive Pilot Zones as a quasi-natural experiment,this study theoretically elucidated its potential impact on corporate ESG per-formance.Using panel data from Chinese A-share listed enterprises in Shanghai and Shenzhen from 2011 to 2024,this study employed a difference-in-differences(DID)method to empirically examine the impact and underlying mechanisms of the digital-real integration policy,represented by the construction of these pilot zones,on corporate ESG performance.The results showed that the digital-real inte-gration policy significantly enhanced corporate ESG performance.This conclusion remained robust after a series of robustness tests,in-cluding relevant hypothesis tests and heterogeneity-robust estimator tests.Heterogeneity analysis indicated that the policy's impact on corporate ESG performance varied significantly across different enterprise and regional characteristics.From the perspective of enter-prise characteristics,the policy's enhancing effect on ESG performance was more pronounced among non-heavily polluting enterprises,non-state-owned enterprises,those with higher levels of artificial intelligence adoption,and those with stronger internal control levels.Regarding regional characteristics,the enhancing effect was more significant for enterprises in central and western regions,regions with lower marketization levels,lower administrative levels,and less digital economic development.Regarding ESG sub-item performance,the policy's enhancing effect was more prominently reflected in the environmental and social dimensions.Mechanism analysis revealed that the policy enhanced corporate ESG performance through the effects of green innovation,cost reduction,and digital transformation.Furthermore,media attention and industrial concentration positively moderated the policy's impact on corporate ESG performance,while corporate perceived uncertainty exhibited a negative moderating effect.Accordingly,this study suggests that deepening the devel-opment of National Big Data Comprehensive Pilot Zones should be leveraged as a key policy opportunity to strengthen digital-real inte-gration,thereby promoting a comprehensive improvement in corporate ESG performance and ultimately advancing the green and high-quality development of enterprises.关键词
数实融合/国家大数据综合试验区/企业ESG表现/绿色高质量发展/双重差分法Key words
digital-real integration/National Big Data Comprehensive Pilot Zone/ESG performance/green and high-quality develop-ment/difference-in-differences method分类
管理科学引用本文复制引用
邵帅,陈祥,葛力铭,杨莉莉..数实融合政策对企业ESG表现的提升效应[J].中国人口·资源与环境,2026,36(6):1-17,17.基金项目
国家自然科学基金专项项目"重点行业碳中和技术创新与碳减排激励机制研究"(批准号:72243004) （批准号:72243004）
国家自然科学基金面上项目"能源依赖对环境福利绩效的影响研究:基于新经济地理学视角的理论与经验考察"(批准号:72573116),"资源税改革对中国区域层面荷兰病效应的影响:理论机制与实证考察"(批准号:72074150) （批准号:72573116）
国家自然科学基金青年项目"污染产业转移对绿色转型绩效的影响:基于'有效市场'和'有为政府'协同发力的视角"(批准号:72503144) （批准号:72503144）
上海市哲学社会科学规划课题青年项目"'双碳'战略下环境税制改革推进绿色低碳转型的理论与实践路径研究"(批准号:2024EGL008) （批准号:2024EGL008）
中央高校基本科研业务费专项资金项目(批准号:22120260374). （批准号:22120260374）
