High-Quality Development of Manufacturing Industry from ESG Perspective—Based on the Regulatory Effect of Digital Transformation

制造业作为实体经济的主体，其高质量发展备受关注。本文以2012~2023年沪深A股制造业上市公司为例，采用双固定效应模型检验ESG表现对制造业高质量发展的影响以及数字化转型在其中发挥的作用。结果表明，ESG表现能够显著推动制造业实现高质量发展，且该结论经过稳健性检验后依然成立。进一步地检验结果表明，在ESG表现促进制造业高质量发展的过程中，数字化转型发挥着正向调节作用。此外，ESG表现还可通过缓解融资约束、减少信息不对称等渠道助力制造业高质量发展。异质性分析发现，ESG表现对制造业高质量发展的促进作用在非国有企业、高科技和非重污染企业组表现得更加明显。The manufacturing industry, as the main body of the real economy, its high-quality development has attracted much attention. Taking Shanghai-Shenzhen A-share manufacturing listed companies from 2012 to 2023 as an example, this paper uses a dual fixed effect model to examine the impact of ESG performance on high-quality development of manufacturing and the role of digital transformation in it. The results show that ESG performance can significantly promote the manufacturing industry to achieve high-quality development, and this conclusion is still valid after robustness test. Further test results show that digital transformation plays a positive moderating role in the process of ESG performance promoting high-quality development of manufacturing industry. In addition, ESG performance can also help the high-quality development of manufacturing by easing financing constraints, reducing information asymmetry and other channels. Heterogeneity analysis found that the effect of ESG performance on high-quality development of manufacturing industry was more obvious in non-state-owned enterprises, high-tech and non-heavy polluting enterprises.