Green Finance,Digital Transformation and Corporate ESG Performance
Taking the A-share listed companies in Shanghai and Shenzhen from 2013 to 2021 as the research object,the relationship between green finance,digital transformation and corporate ESG performance is revealed,and it is found that green finance generally promotes the improvement of corporate ESG performance,but the relationship between the two is not linear,but a dynamic nonlinear change trajectory of"potential lag-slow release".The impact of green finance devel-opment on digital transformation is non-linear,and digital transformation plays an intermediary role between green fi-nance and corporate ESG performance,but this intermediary role is reflected in the concealment effect.Digital transfor-mation leads to the non-linear role of green finance in promoting corporate ESG,and with the improvement of digital transformation,the role of green finance in promoting corporate ESG performance is slowly released.Furthermore,the promotion effect of green finance on the ESG performance of enterprises was more significant in the group with low infor-mation asymmetry,the group with high financial foundation,and the heavily polluting industries and state-owned enter-prises.The cohort effect of green finance significantly promotes the improvement of corporate ESG performance.ESG per-formance cohort effect significantly improved environmental performance,but had no significant short-term impact on fi-nancial performance.
green financecorporate ESG performancedigital transformationcohort effect
万方数据
维普
