Fintech Drive Companies Improving ESG Performance:Theoretical Mechanism and Empirical Evidence
The rapid development of financial technology(fintech)has brought unprecedented opportunities and challenges for businesses and investors.What impact does it have on the environmental,social,and governance(ESG)performance of companies?It focuses on listed companies in the Shanghai and Shenzhen stock markets as research samples,with data ranging from 2011 to 2020.It examines the influence of fintech on corporate ESG performance and the channels through which the influence occurs.The results demonstrate that fintech significantly improves corporate ESG performance.Even after conducting robustness tests such as endogeneity handling,variable substitution,and specific sample exclusion,the conclusion remains reliable.The examination of channels reveals that fintech positively affects corporate ESG performance by enhancing the efficiency of credit resource allocation and risk-bearing capacity.Furthermore,it promotes ESG practices by inhibiting earnings management behavior.Heterogeneity analysis indicates that fintech has a notable impact on the ESG performance of non-state-owned enterprises and small-scale enterprises.It also has a significant facilitating effect on the ESG performance of companies in regions with higher levels of financial development and stricter financial regulation.Economic consequence analysis reveals that a company's strong ESG performance enables effective resource utilization,establishment of a positive corporate image,and enhanced trust among stakeholders,ultimately leading to high-quality development.The research findings confirm the positive relationship between fintech and corporate ESG performance,providing important decision-making support for advancing China's ESG system construction and improving incentive-compatible policy systems.
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