智能制造对企业ESG表现的影响研究

——基于“智能制造试点示范专项行动”的准自然实验

管潇潇¹　李巍^1，2　张志超³

（1.华东师范大学；2.上海师范大学；3.杜伦大学）

内容提要：在全球可持续发展目标的推动下，智能制造作为新质生产力的重要体现，正逐步成为提升企业环境、社会和治理（ESG）表现以及推动经济高质量发展的关键力量。本文将工业和信息化部实施的“智能制造试点示范专项行动”视为一次准自然实验，运用多时点双重差分法，结合2010—2023年沪深A股制造业上市公司的面板数据，探讨智能制造对企业ESG表现的影响及其内在机制。研究结果显示，智能制造促进了制造业企业ESG表现的提升；机制检验结果表明，智能制造通过放松融资约束、促进绿色创新和提升媒体关注度提升了企业ESG表现；异质性分析结果表明，智能制造对企业ESG表现的促进作用在高管具有数字化背景的企业、非国有企业、重污染企业以及治理（G）维度中更为明显。本文的研究不仅丰富了智能制造与企业ESG领域的理论研究，还为政府推动智能制造发展、提升企业可持续发展能力提供了重要的政策参考和决策依据。

关键词：智能制造；企业ESG表现；融资约束；绿色创新；媒体关注度

作者简介：管潇潇，华东师范大学经济与管理学院博士研究生，通信作者，上海，200062；李巍，华东师范大学经济与管理学院教授、博士生导师；上海师范大学天华学院商学院教授，上海，201815；张志超，杜伦大学商学院助理教授，英国杜伦，DH1 3LE。

基金项目：教育部人文社会科学研究规划基金项目“国际冲突背景下新能源车产业链供应链韧性和安全水平的提升对策研究”（24YJAZH020）；中国博士后科学基金资助项目“绿色金融视角下双向投资协同发展的减污降碳效应研究”（2023M732562）

引用格式：管潇潇,李巍,张志超.智能制造对企业ESG表现的影响研究——基于“智能制造试点示范专项行动”的准自然实验[J].经济与管理研究,2025,46(10):39-56.

Impact of Intelligent Manufacturing on Corporate ESG Performance

—A Quasi-natural Experiment Based on the Intelligent Manufacturing Pilot Demonstration Projects

GUAN Xiaoxiao¹, LI Wei^1,2, ZHANG Zhichao³

(1. East China Normal University, Shanghai 200062;

2. Shanghai Normal University Tianhua College, Shanghai 201815;

3. Durham University, Durham DH1 3LE)

Abstract: Intelligent manufacturing is gradually becoming a crucial factor in enhancing corporate environmental, social, and governance (ESG) performance and promoting high-quality economic development. Against this background, this paper takes the Intelligent Manufacturing Pilot Demonstration (IMPD) projects implemented by China’s Ministry of Industry and Information Technology as a quasi-natural experiment. Using a multi-period difference-in-differences (DID) approach and panel data from A-share manufacturing companies listed on the Shanghai and Shenzhen stock exchanges from 2010 to 2023, this paper explores the impact of intelligent manufacturing on corporate ESG performance and its underlying mechanisms.

The results show that intelligent manufacturing can improve ESG performance in the manufacturing sector. Mechanism analysis suggests that intelligent manufacturing enhances ESG performance by alleviating financing constraints, fostering green innovation, and increasing media attention. Heterogeneity analysis reveals that the promoting effect is more significant in enterprises whose executives have a digital background, in non-state-owned enterprises, in heavily polluting enterprises, and in the G (governance) dimension.

Based on the above conclusions, this paper proposes the following policy recommendations. First, the government should further deepen the implementation of IMPD projects and expand the scope of the pilots to attract more enterprises to participate in intelligent manufacturing. Second, it is necessary to ensure smooth functioning of the three transmission channels—financing constraints, green innovation, and media attention, so as to provide a mechanism guarantee for enterprises to enhance their sustained development capabilities through intelligent manufacturing. Third, policies should be tailored to enterprises, promoting differentiated development in key areas and among special groups. In addition, the government should strengthen the supervision and guidance of intelligent manufacturing projects to improve production efficiency and facilitate higher transparency and compliance at the governance level.

The marginal contribution is twofold. First, this paper constructs a three-stage transmission pathway, demonstrating that intelligent manufacturing influences corporate ESG performance through a comprehensive logic spanning from resource acquisition to technological investment and institutional norms, rather than a single-dimensional capability. Second, by using the IMPD projects as an exogenous shock, the paper establishes a quasi-natural experiment to systematically evaluate the impact of intelligent manufacturing on corporate ESG performance. This approach aligns closely with the practical logic of government-driven intelligent manufacturing transformation, enriching the research perspective on the relationship between intelligent manufacturing and corporate sustainable development.

Keywords: intelligent manufacturing; corporate ESG performance; financing constraint; green innovation; media attention

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