Descriptive statistics.

In light of the long-term constraints posed by the "dual carbon" objective, can digital technology emerge as a transformative solution for enterprises to embark on a sustainable development trajectory? The existing body of research has yet to reach a consensus. In order to shed further light on the intricate relationship between digital transformation and ESG performance of enterprises, this study empirically examines the mechanisms and boundaries through which digital transformation influences ESG performance, based on observational data from A-share manufacturing listed companies in Shanghai Stock Exchange and Shenzhen Stock Exchange spanning from 2011 to 2021. The findings demonstrate that digital transformation exerts a significant positive impact on the ESG performance of manufacturing enterprises. Mechanism analysis reveals that the enabling effect of digital transformation primarily enhances company transparency, thereby fostering continuous improvements in ESG performance among manufacturing enterprises. The performance expectation gap will give rise to the phenomenon of "stop-loss in time" and impede the promotional impact of digital transformation. Further investigation into industrial characteristics and industry competition intensity indicates that state-owned enterprises and those operating within highly competitive environments experience more pronounced effects of digital transformation on their ESG performance. This study expands the mechanism and boundary of digital transformation on ESG performance of manufacturing enterprises, and provides a new perspective for manufacturing enterprises to realize the collaborative transformation of digital and green.面对“双碳”目标带来的长期约束，数字技术能否成为企业迈向可持续发展轨道的变革性解决方案？现有研究尚未就此达成共识。为进一步厘清数字化转型与企业ESG（Environmental, Social and Governance）绩效之间的复杂关联，本研究基于2011-2021年沪深A股制造业上市公司的观测数据，实证检验了数字化转型对企业ESG绩效的作用机制与边界条件。研究结果表明，数字化转型对制造业企业的ESG绩效具有显著的正向影响。机制分析显示，数字化转型的赋能效应主要通过提升企业透明度，推动制造业企业ESG绩效持续改善。业绩预期落差会引发“及时止损”现象，削弱数字化转型的正向促进作用。进一步针对行业特征与行业竞争强度的分析表明，国有企业及处于高竞争环境中的企业，其数字化转型对ESG绩效的提升效果更为突出。本研究拓展了数字化转型对制造业企业ESG绩效的作用机制与边界条件，同时为制造业企业实现数字化与绿色化协同转型提供了全新视角。