业财融合对企业可持续发展绩效的影响OACHSSCD

This study aims to explore the impact of Business and financial information integration(BFII)on corporate sustainable development performance and its internal mechanisms.This study a-dopts the text analysis method to construct a BFII indicator.Based on"firm-year"observation data of China's A-share listed companies from 2014 to 2023,empirical tests are conducted using the fixed-effects model,instrumental variable method,propensity score matching,and mediating effect model.The results show that BFII can significantly improve corporate sustainable development performance,and this conclusion remains valid after a series of robustness tests,such as the instrumental variable meth-od.Mechanism tests indicate that BFII exerts its role through three pathways:improving operational effi-ciency,enhancing the effectiveness of internal control,and reducing information asymmetry;among these pathways,internal control plays a full mediating role,while operational efficiency and information asymmetry play partial mediating roles.Heterogeneity analysis reveals that this effect is more significant in larger enterprises,enterprises with weaker management capabilities,enterprises facing lower finan-cing constraints,as well as in the manufacturing industry and highly competitive industries.The study shows that business-finance integration is not only a management tool to improve operational efficiency and governance level,but also an important path to promote the coordinated development of economic and environmental performance.