School of Economics and Management, Taiyuan University of Technology

在我国践行可持续发展理念和追求经济高质量发展的背景下,推动企业布局ESG和数字化转型战略,防范化解财务风险具有重大意义。文中通过2013—2022年沪深A股上市公司数据,实证探究了ESG表现与企业财务风险之间的关系以及数字化转型的调节作用。研究发现:ESG表现显著抑制企业财务风险,作用机制在于提高内部管理效率、降低信息不对称性和增强分析师关注度。利用Python进行文本分析计算企业数字化转型程度,发现数字化转型正向调节ESG表现对企业财务风险的抑制作用。异质性分析表明,在重污染企业、成长期和成熟期企业、经济落后地区企业和行业竞争激烈企业中,ESG表现降低财务风险的作用更明显。此外,企业降低财务风险还具有价值提升效应。据此,从企业、政府和监管机构以及其他市场主体3个层面为协同发展ESG和数字化转型,有效管理企业财务风险,保障宏观经济平稳运行提出建议。

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.

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);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);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);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);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)