The Dual Synergistic Effect of Digital Policies: How Data Factorization and Technological Intelligence Co‐Shape Corporate ESG Performance

ABSTRACT This study examines how the synergy between data factorization and technological intelligence affects corporate Environmental, Social, and Governance (ESG) performance using comprehensive panel data from Chinese A‐share listed companies (2007–2024). Leveraging the staggered establishment of National Big Data Comprehensive Pilot Zones and National Artificial Intelligence Innovation and Application Pilot Zones as a well‐identified quasi‐natural experiment, we provide causal evidence that policy synergy significantly enhances corporate ESG performance, with this composite effect notably surpassing any single‐dimensional pilot policy. Net effect tests further reveal that while building artificial intelligence upon an established big data foundation yields a significant marginal premium over isolated AI policies, this synergistic dividend is not instantaneous. Mechanism tests reveal that the policy synergy improves corporate ESG performance through two core channels: the technology empowerment effect and the governance optimization effect. Heterogeneity analysis indicates that policy synergy effects are more pronounced in domestic enterprises, core digital economy industries, and nonheavily polluting sectors. Additionally, the transmission efficiency of policy dividends is positively moderated by favorable internal resource endowments and external institutional pressures yet inhibited by severe financial constraints. Further analysis demonstrates an optimal temporal sequencing pattern consistent with dynamic complementarity theory: following a “factor accumulation first, intelligent application second” implementation logic, with synergy dividends peaking when artificial intelligence policies supplement big data policies after approximately 3 years. This study advances the literature by moving beyond single‐policy evaluation to identify the causal effects and temporal laws of policy complementarity, revealing the micromechanism of digital policy synergy driving corporate value creation and providing important empirical support for government optimization of the temporal sequencing and spatial layout of digital economy governance systems.