数字金融、资本市场关注与中小企业ESG表现

摘要/Abstract

摘要： 本文以2011—2023年中国A股中小企业板和创业板上市公司为研究样本,实证检验数字金融发展对中小企业ESG表现的影响及其作用机制。研究发现,数字金融发展能显著提升中小企业的ESG表现。机制检验表明,数字金融发展通过缓解融资约束、促进技术创新和降低代理成本提升中小企业ESG表现。异质性分析结果显示,数字金融发展对位于中国东部地区、市场竞争水平较高以及科技水平较高地区中小企业ESG表现的积极影响更为显著。进一步分析发现,资本市场关注具有正向调节作用,强化了数字金融发展对中小企业ESG表现的促进作用。本研究聚焦中小企业,为理解数字金融发展赋能企业ESG表现提供了新视角,同时为深化金融机构与中小企业协同联动以及驱动企业可持续发展提供理论依据和实践指引。

关键词: 数字金融, 中小企业, ESG表现, 分析师关注, 机构投资者持股

Abstract: This study empirically examines the impact of digital finance development on the ESG performance of small and medium-sized enterprises (SMEs) and its underlying mechanisms using the A-share listed companies on China's SME Board and Growth Enterprise Market from 2011 to 2023 as research samples. Findings reveal that digital finance development significantly enhances the ESG performance of SMEs. Mechanism tests indicate that digital finance development promotes improved ESG performance by alleviating financing constraints, fostering technological innovation, and reducing agency costs. Heterogeneity analysis reveals that the positive impact of digital finance is more pronounced in SMEs located in eastern China, regions with higher market competition levels, and those with advanced technological capabilities. Further analysis indicates that capital market attention exerts a positive moderating effect, amplifying the promotional role of digital finance in enhancing ESG performance of SMEs. By focusing on SMEs, this study offers a novel perspective on how digital finance development empowers corporate ESG performance. It also provides theoretical foundations and practical guidance for deepening synergies between financial institutions and SMEs, thereby driving corporate sustainability.

Key words: Digital Finance, SMEs, ESG Performance, Analyst Coverage, Institutional Investor Ownership

中图分类号:

F275.5

杨天乐, 潘文俊, 杜群阳. 数字金融、资本市场关注与中小企业ESG表现[J]. 财经论丛, 2026, 42(4): 91-102.

YANG Tianle, PAN Wenjun, DU Qunyang. Digital Finance, Capital Market Attention and ESG Performance of SMEs[J]. Collected Essays on Finance and Economics, 2026, 42(4): 91-102.

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