Может ли ESG смягчить трудности цифровой трансформации? Пример китайских публичных компаний
Аннотация
Несмотря на стратегическую необходимость цифровизации, её влияние на эффективность компаний остаётся предметом споров, зачастую проявляясь негативно в начале пути. На основе панели из 1 543 компаний, зарегистрированных на Шанхайской фондовой бирже (SSE) в период с 2013 по 2023 год, мы исследуем динамическую взаимосвязь между цифровой трансформацией и финансовыми показателями. С применением моделей с фиксированными эффектами по двум направлениям и анализа путей (path analysis) мы выявляем следующий динамический эффект: цифровая трансформация оказывает одномоментное негативное влияние на финансовые результаты, усиливая финансовые ограничения, однако в долгосрочной перспективе она приводит к положительной отдаче. Ключевой вывод исследования — высокий уровень экологической, социальной и управленческой (ESG) устойчивости смягчает краткосрочные негативные эффекты цифровой трансформации. Проведённые проверки надёжности, включая замену переменных, метод PSM-DID и устранение эндогенности, подтверждают полученные результаты. Данное исследование примиряет противоречивые данные о ценности цифровой трансформации, выявляя финансовые ограничения как основной механизм воздействия и демонстрируя, что высокий ESG-уровень усиливает финансовую устойчивость компаний на ранних этапах трансформации.
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