企业数智技术应用之言行偏离与ESG绩效

赵志栋¹　戚聿东²　朱正浩³

（1.江苏第二师范学院；2.北京师范大学；3.南京工业职业技术大学）

内容提要：数智技术应用是企业提升环境、社会与治理（ESG）表现的重要抓手。为了解释不同言行偏离策略对ESG表现的影响，本文以企业数智技术应用的“言行一致性”为切入点，以2010—2023年沪深A 股上市公司为样本，考察了言行偏离对ESG绩效的影响效应及作用机制。研究发现：第一，相较“多言寡行”，“讷言敏行”策略提升了企业ESG总体绩效，且主要体现在治理维度上；第二，言行偏离程度加剧将降低ESG绩效，且主要体现在治理维度上；第三，“讷言敏行”策略通过缓解融资约束与降低违规风险改善ESG绩效，而言行偏离加剧通过加重融资约束与抬升违规风险降低ESG绩效；第四，在企业规模、产权性质、行业属性与地区数字化环境不同的样本中，上述效应强度呈系统性差异。本文践行“第二个结合”的学术自觉，将“讷言敏行”“中庸之道”等中华传统文化价值理念与现代企业治理逻辑相贯通，从“言行一致性”视角深化了对数智技术应用如何作用于ESG绩效的理论理解。同时，建构了一种企业言行偏离度的定量测度方法，为后续相关研究提供了参考。

关键词：数智技术应用；言行偏离；ESG绩效；公司治理

作者简介：赵志栋，江苏第二师范学院商学院讲师，南京，210013；戚聿东，北京师范大学经济与工商管理学院教授、博士生导师，北京，100875；朱正浩，南京工业职业技术大学商务贸易学院教授，南京，210023。

基金项目：国家社会科学基金重大项目“技术标准与知识产权协同推进数字产业创新的机理与路径研究”(19ZDA077)；江苏省高校哲学社会规划课题“数字金融提升乡村文化产业投资效率的机制和路径研究——以江苏省为例”（2023SJYB0490）

引用格式：赵志栋,戚聿东,朱正浩.企业数智技术应用之言行偏离与ESG绩效[J].经济与管理研究,2025,46(10):21-38.

Deviations Between Visions and Actions of Companies’ Digital Intelligence Technology Application and ESG Performance

ZHAO Zhidong¹, QI Yudong², ZHU Zhenghao³

(1. Jiangsu Second Normal University, Nanjing 210013;

2. Beijing Normal University, Beijing 100875;

3. Nanjing University of Industry Technology, Nanjing 210023)

Abstract: Against the backdrop of Chinese modernization, firms increasingly rely on digital intelligence technologies to enhance environmental, social, and governance (ESG) performance. Prior studies typically examine either textual disclosure (visions) or verifiable actions, leaving their alignment underexplored. This paper investigates how two behavioral strategies—under-promising while over-delivering (UPOD) versus over-promising/under-delivering—together with the degree of vision-action deviation, shape firms’ ESG outcomes in China’s A-share market.

Using 30,429 firm-year observations for 4,218 non-financial listed firms from 2010 to 2023, this paper measures ESG compositive scores (and E/S/G sub-scores) with the Huazheng ESG database. Visions are constructed via annual-report text mining, while actions are proxied by counts of digital intelligence patent applications. Mechanisms include financing constraints and regulatory violations. Methods comprise two-way fixed-effect (FE) panel regression, high-dimensional FE, and 2SLS with Confucian-temple density-based instruments.

Key findings are as follows. First, UPOD is associated with higher overall ESG performance, with the most pronounced effect in the governance (G) dimension. Second, a larger magnitude of deviation predicts lower ESG and G scores. These results remain robust after instrumental-variable estimation and robustness checks. Third, UPOD alleviates financing constraints and reduces the probability of appearing in regulatory violation bulletins, while greater deviation increases constraints and violation risks, thereby improving or worsening ESG. Fourth, UPOD’s positive governance effect is stronger among non-SOEs, non-communications industries, and firms in digitally developed regions. The harmful effect of larger deviation is stronger for smaller firms, non-SOEs, non-communications industries, and in digitally developed regions.

The potential contributions are as follows. Conceptually, this paper embeds the matching between strategic expressions and action delivery into the digitalization-governance-ESG nexus and articulates a China-specific perspective, integrating UPOD and the doctrine of the mean with modern corporate governance. Methodologically, this paper proposes an operational, time-lag-aware, industry-relative metric for the level of vision-action deviation and a directional indicator. Practically, this paper identifies two governance-sensitive channels and documents salient heterogeneity across ownership, size, industry, and regional digital economy levels. The findings advocate for verifiable actions, combined with prudent and transparent communication, as a viable route to stronger governance scoring and ESG outcomes, supporting differentiated regulatory guidance and firm-level governance toolkits to prevent excessive deviation and reputational and compliance costs.

Keywords: digital intelligence technology application; vision-action deviation; ESG performance；corporate governance

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