高管激励、技术创新与ESG表现 ——数字化转型与融资约束的调节作用

如何兼顾短期经营绩效与长期ESG表现，是数字经济时代高管激励需要解决的首要问题。选取2016—2022年A股上市公司数据，实证分析高管激励如何通过技术创新影响企业绩效与ESG表现。研究表明，股权和薪酬激励促进了企业技术创新，而技术创新进一步提升了ESG表现。机制分析表明，数字化转型提升技术创新效率，促进了高管激励对ESG表现的正向作用；融资约束增强了技术创新对ESG表现的正向影响，但对高管激励与ESG表现的调节作用不显著。异质性分析发现，民营企业的高管激励对ESG表现的促进作用更显著；股权激励在高科技行业对ESG表现的促进作用更强，薪酬激励在非高科技行业对ESG表现的促进作用更显著。研究拓展了委托代理理论的应用范围，为数字经济条件下科技创新与ESG实践的融合发展提供了实践指导。
How to balance short-term business performance and long-term ESG performance is the primary issue that executive incentives need to address in the digital economy era. This paper empirically analyzes how executive incentives influence corporate performance and ESG performance through technological innovation, using data from A-share listed companies in China from 2016 to 2022. The research shows that equity and salary incentives promote technological innovation, which in turn improves ESG performance. Furthermore, digital transformation enhances the efficiency of technological innovation, thereby strengthening the positive impact of executive incentives on ESG performance. Financing constraints enhance the positive impact of technological innovation on ESG performance, but have no significant moderating effect on the relationship between executive incentives and ESG performance. Heterogeneity analysis reveals that executive incentives have a more significant positive impact on ESG performance in private enterprises. Stock-based incentives have a stronger effect on ESG performance in high-tech industries, while salary incentives are more effective in non-high-tech industries. This study expands the application of principal-agent theory, providing a real-world example for the integration of technological innovation and ESG practices under the conditions of the digital economy.