디지털 전환, 국제화, 재무제약이 중국 국유기업 ESG 성과에 미치는 영향

Purpose – This study examines the determinants of ESG performance in Chinese state-owned enterprises(SOEs), focusing on the moderating effects of digital transformation, internationalization, and financial constraints. Design/Methodology/Approach – Using panel data from 26,940 firm-year observations of Chinese listed firms (2010-2020), we employ fixed-effects regression with interaction terms to test how digital transformation, internationalization, and financial constraints moderate the relationship between state ownership and ESG performance. Findings – The relationship between state ownership and ESG performance is contingent on organizational capabilities and contextual factors. Digital transformation and internationalization positively moderate the SOE-ESG relationship. Interestingly, financial constraints also positively moderate this relationship, suggesting that resource limitations motivate SOEs to pursue ESG performance as a strategic means to secure government support. These results reveal that SOE ESG performance depends critically on the ability to leverage digital capabilities, international exposure, and paradoxically, to respond to financial pressures through enhanced ESG commitment. Research Implications – This study proposes a conditional advantage model, demonstrating that the effect of state ownership on ESG performance is not inherently positive, but rather contingent on specific organizational and contextual conditions. For policymakers, the findings suggest that simply imposing ESG mandates on SOEs is insufficient: supporting digital transformation and facilitating internationalization are critical. Moreover, the positive effect of financial constraints indicates that appropriate performance pressure, combined with ESG-linked incentives, can effectively motivate SOEs to translate institutional demands into substantive ESG outcomes.