Abstract: This paper employs data from A-share non-financial companies from 2009 to 2022 to investigate the impact of corporate ESG performance on digital technology innovation. The findings indicate that corporate ESG performance can significantly enhance the level of digital technological innovation. The mechanism test reveals that corporate ESG performance can facilitate digital technology innovation through various mechanisms, including the identification of digital innovation opportunities, the optimization of digital asset allocation, and the advancement of human capital. The heterogeneity analysis demonstrates that the impact of corporate ESG performance on digital technology innovation is more pronounced among non-state-owned firms, firms with robust internal controls, firms with greater external scrutiny, and non-heavily polluting industries. Further analysis also reveals that environmental uncertainty has a negative moderating effect, weakening the facilitating effect of corporate ESG performance on digital technology innovation. Digital technology innovation empowers high-quality development of firms, and this empowering effect is more pronounced in samples with poor ESG performance of firms. The findings of this paper not only deepen the understanding of the consequences of corporate ESG practices, but also provide new perspectives for enhancing digital technology innovation.

Key words: ESG Performance, Environmental Uncertainty, Digital Technology Innovation, High-Quality Development

摘要： 基于2009—2022年A股非金融类企业数据,探讨企业ESG表现对数字技术创新的影响。研究发现:企业ESG表现可以显著提高数字技术创新水平。机制检验发现,企业ESG表现通过识别数字创新机会、提高数字资产配置水平和推动人力资本升级机制促进数字技术创新。异质性分析发现,企业ESG表现对数字技术创新的促进作用在非国有企业、内部控制质量较好的企业、外部关注较多的企业和非重污染行业中更加敏感。进一步分析发现,环境不确定性具有负向调节作用,削弱了企业ESG表现对数字技术创新的促进作用;数字技术创新赋能企业高质量发展,且这种赋能效应在ESG表现差的企业中更为明显。本文的研究发现不仅深化了对企业ESG实践后果的认识,也为提升数字技术创新提供了新的视角。

关键词: ESG表现, 环境不确定性, 数字技术创新, 高质量发展