Benchmark regression results.

This study systematically examines the impact mechanism and heterogeneous characteristics of digital transformation (DT) on corporate environmental, social, and governance (ESG) performance, using panel data from Chinese A-share listed companies from 2010–2022. The research constructs a “capability-motivation” analytical framework based on resource dependence theory and agency theory, yielding the following conclusions. First, DT has a significant positive effect on corporate ESG performance, which is robustly verified through instrumental variables method and system GMM, among others. Second, DT enhances corporate ESG performance through the dual pathways of alleviating financing constraints (resource effect) and reducing agency costs (governance effect). Third, this promotional effect varies significantly across different lifecycle stages, being more prominent in mature and declining companies but not significant in growth-stage companies. Finally, the positive impact of DT on ESG performance is stronger in state-owned enterprises than in non-state-owned enterprises. This study integrates scattered findings in existing literature through a “capability-motivation” dual framework, providing a more systematic explanation for understanding the relationship between DT and ESG, and offering theoretical foundations and practical implications for companies to formulate differentiated digital-ESG strategies.

本研究以2010-2022年中国A股上市公司的面板数据为样本，系统考察了数字化转型（Digital Transformation, DT）对企业环境、社会和治理（Environmental, Social, and Governance, ESG）绩效的影响机制与异质性特征。本研究基于资源依赖理论与委托代理理论，构建了“能力-动机”分析框架，得出如下结论：其一，数字化转型对企业ESG绩效具有显著正向影响，该结论通过工具变量法、系统广义矩估计（System Generalized Method of Moments, system GMM）等方法进行了稳健性检验；其二，数字化转型通过缓解融资约束（资源效应）与降低代理成本（治理效应）两大路径提升企业ESG绩效；其三，该促进效应在企业不同生命周期阶段存在显著异质性，在成熟期与衰退期企业中表现更为突出，而在成长期企业中则不显著；最后，数字化转型对ESG绩效的正向影响在国有企业中强于非国有企业。本研究通过“能力-动机”双框架整合了现有文献中零散的研究结论，为理解数字化转型与ESG绩效的关系提供了更为系统的解释，并为企业制定差异化的数字化-ESG战略提供了理论基础与实践启示。