Impact of digital finance on corporate ESG

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis Pub Date : 2025-04-11 DOI:10.1016/j.irfa.2025.104259

Ke Wu , Yongfang Zhang , Ying Chen , Miao Li

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引用次数: 0

Abstract

In the context of the profound integration between China's dual carbon peak and neutrality goals and the rapidly expanding digital economy, whether and how digital finance can empower enterprises' sustainable development has become a popular research topic. Using panel data of Chinese A-share listed companies from 2011 to 2021, we empirically examine the impact of digital finance on environmental, social, and corporate governance (ESG). Findings reveal that digital finance has a significant positive impact on corporate ESG. Mechanistically, digital finance has the potential to enhance corporate ESG performance by encouraging corporate green innovation and enhancing corporate environmental information disclosure. Heterogeneity analysis reveals that digital finance has a heterogeneous impact on ESG performance, depending on firm size, corporate ownership, finance, and market development. Based on our findings, we propose policy recommendations that include deepening the integration of digital finance with green technologies, optimizing the design of ESG financing products and information disclosure mechanisms, and enhancing targeted support for various regions and industries

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数字金融对企业环境、社会和公司治理的影响

在中国碳双峰值和碳中和目标与快速发展的数字经济深度融合的背景下，数字金融是否以及如何赋能企业的可持续发展成为一个热门的研究课题。利用2011 - 2021年中国a股上市公司的面板数据，实证检验了数字金融对环境、社会和公司治理（ESG）的影响。研究发现，数字金融对企业ESG有显著的正向影响。从机制上看，数字金融具有通过鼓励企业绿色创新和加强企业环境信息披露来提升企业ESG绩效的潜力。异质性分析表明，数字金融对ESG绩效的影响具有异质性，这取决于公司规模、公司所有权、财务状况和市场发展情况。根据研究结果，我们提出了深化数字金融与绿色技术融合、优化ESG融资产品设计和信息披露机制、加强对不同地区和行业的针对性支持等政策建议

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来源期刊

International Review of Financial Analysis BUSINESS, FINANCE-

CiteScore

10.30

自引率

9.80%

发文量

366

期刊介绍： The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.