【摘要】 在我国致力于可持续发展和高质量发展的大背景下，积极促进企业践行ESG发展理念和数字化转型具有重大意义。本文采用A股上市公司2011-2020年面板数据，实证检验了ESG表现对企业价值的影响，并探究了数字化转型在其中的调节作用。研究发现：ESG表现可以显著提升企业价值；数字化转型可以正向调节ESG表现对企业价值的提升作用，其作用机制在于增强企业绿色技术创新能力和缓解企业融资约束。ESG表现对企业价值的影响存在异质性，在国有企业、市场化程度较高地区的企业、重度污染行业和高新技术行业企业中，ESG表现对企业价值的提升作用更明显。本文运用动态面板模型估计，倾向得分匹配法和工具变量法等计量方法检验后，该结论依旧稳健可靠。基于此，本文认为企业在贯彻ESG发展理念的同时，也要重视数字化转型的作用，促进ESG和数字化转型协同发展。更多还原

【Abstract】 Under the background of China’s efforts in sustainable development and high-quality development, it is of great significance to actively promote enterprises to practice the ESG development concept and digital transformation. This paper uses panel data of A-share listed companies from 2011 to 2020 to empirically examine the impact of ESG performance on enterprise value and explore the moderating role of digital transformation. Our research finds that ESG performance can significantly improve enterprise value, and digital transformation can positively moderate the effect of ESG performance on enterprise value. The mechanism is to enhance the green technology innovation capability of enterprises and alleviate the financing constraints of enterprises. The impact of ESG performance on enterprise value is heterogeneous, specifically manifested in a more significant effect in state-owned enterprises, enterprises in higher degrees of marketization areas, enterprises in polluting industries, and enterprises in high-tech industries. After estimating by dynamic panel model, propensity score matching method and instrumental variable method, the conclusion is still robust. Based on the above analysis, this paper indicates that while implementing the development concept of ESG, enterprises should also pay attention to the role of digital transformation, and promote the coordinated development of ESG and digital transformation.更多还原