数实融合政策对企业ESG表现的提升效应OA

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.