Impact of ESG Performance of Sports Enterprises on Total Factor Productivity:Analysis of the Regulatory Effect Based on Digital Transformation and Financing Constraints
As a new topic for the high-quality development of China's sports industry in the new era,the ESG(Environmental,Social and Governance)concept emphasizes the coordinated development of economy,society and environment,and enhances the productivity of sports enterprises by improving the efficiency of energy use,enhancing the R&D and innovation capability of green products,and reducing the financing constraints of enterprises.The study takes 18 sport concept listed companies in Shanghai and Shenzhen A-shares from 2017-2022 as the research object,empirically analyzing the relationship between ESG performance and total factor productivity of sports enterprises in China,and exploring the moderating effects of digital transformation level and financing constraints.The results show that good ESG performance can effectively promote the improvement of total factor productivity in China's sports enterprises,but this promotion effect is more significant in small-scale sports enterprises;the level of digital transformation has a significant positive moderating effect on the relationship between ESG performance and total factor productivity in sports enterprises,but the level of digital transformation in China's sports enterprises as a whole is on the low side;financing constraints have a significant negative moderating effect on the relationship between ESG performance and total factor productivity in China's sports enterprises.In view of the above conclusions,the study puts forward the following suggestions;actively participate in the construction of ESG system and continuously deepen the concept of green development;strengthen the role of sports enterprises as the market entities and accelerate the digital transformation of sports industry;promote the integration of finance and sports industry and crack the financing problems of sports enterprises.