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| 文章编号：1672-3104(2025)04-0098-15 |
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数字化转型对制造企业可持续发展绩效的影响——基于媒体关注的调节效应 |
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曹兴1,2，张伟文1 |
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（1. 中南大学商学院，湖南长沙，410083；
2. 湖南第一师范学院商学院，湖南长沙，410205） |
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| 摘 要： 数字化转型通过优化生产流程，提升资源利用效率，为制造企业实现可持续发展奠定了坚实基础。基于2011—2022年沪深A股制造业上市企业数据，对数字化转型影响企业可持续发展绩效及作用机制展开实证分析。研究发现，数字化转型显著提升了制造企业可持续发展绩效，经过一系列稳健性检验，结论依然成立。机制检验显示，数字化转型主要通过缓解融资约束和提升公司治理水平来提高企业的可持续发展绩效。通过调节作用分析发现，媒体关注可以增强数字化转型对制造企业可持续发展绩效的正向影响。通过异质性检验发现，数字化转型对大型企业和重污染企业可持续发展绩效的提升作用更加显著。进一步运用面板分位数模型检验发现，数字化转型对制造企业可持续发展绩效的影响存在差异化影响，即随着企业可持续发展绩效的提升，数字化转型对其的正向影响会降低。 |
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| 关键词： 数字化转型；制造企业；可持续发展绩效；媒体关注；调节作用 |
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The impact of digital transformation on the sustainable development performance of manufacturing enterprises: The moderating effect of media attention |
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CAO Xing1,2, ZHANG Weiwen1 |
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（1. School of Business, Central South University, Changsha 410083, China;
2. School of Business, Hunan First Normal University, Changsha 410205, China） |
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| Abstract: Digital transformation, by optimizing production processes and improving resource utilization efficiency, lays a solid foundation for manufacturing enterprises to achieve sustainable development. Based on the data of listed manufacturing enterprises in Shanghai and Shenzhen A-share markets from 2011 to 2022, this study conducts an empirical analysis of the impact of digital transformation on the sustainable development performance of enterprises and its action mechanisms. It is found that digital transformation significantly improves the sustainable development performance of manufacturing enterprises, and this conclusion remains valid after a series of robustness tests. The mechanism test shows that digital transformation mainly improves the sustainable development performance of enterprises by alleviating financing constraints and enhancing the level of corporate governance. Through analysis of the moderating effect, it is found that media attention can strengthen the positive impact of digital transformation on the sustainable development performance of manufacturing enterprises. Through heterogeneity testing, it is found that digital transformation has a more significant effect on improving the sustainable development performance of large enterprises and heavily polluting enterprises. Further test, by using the panel quantile model, finds that there is a differential effect of digital transformation on the sustainability performance of manufacturing enterprises, i.e., the positive effect of digital transformation on the sustainability performance of enterprises decreases as their sustainability performance improves. |
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Key words: digital transformation; manufacturing enterprises; sustainable development performance; media attention; moderating effect |
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