相乗的ガバナンスか制度的摩擦か？デジタル・グリーン都市パイロットの複合効果に関する企業ESGパフォーマンスへの実証分析

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🔬研究者:政策の重畳効果をDIDで識別する枠組みと、マルチタスキング代理理論の拡張は、ESG政策評価研究の方法論的参照点になる。

🏢実務担当者:複数の地域政策・開示要請が重なる市場では、デジタル投資とサステナビリティ投資の資源配分トレードオフを意識した説明が必要になる。

🏛政策担当者:デジタル化政策と脱炭素政策を同時に課す際、地方の信用資源制約と企業負担の重複を事前に評価する仕組みが求められる。

The transition toward sustainable development necessitates complex, multidimensional macroeconomic interventions. Over the past decade, the Chinese government has orchestrated a staggered rollout of place-based policies, most notably the Smart City pilots to propel digital infrastructure and the Low-Carbon City pilots to enforce stringent emission constraints. While isolated assessments of these spatial policies predominantly report positive environmental externalities, real-world regional governance operates under conditions of extreme resource scarcity and multi-tasking mandates. When local administrations are concurrently subjected to rapid digitalization targets and rigid decarbonization quotas, the resulting policy superimposition may trigger unforeseen micro-level distortions. Addressing this critical gap, the present study constructs a joint-evaluation framework to quantify the interaction effect of dual-pilot policies on corporate Environmental, Social, and Governance (ESG) performance. Drawing upon a comprehensive panel dataset of Chinese A-share listed companies from 2008 to 2023—yielding 83,081 firm-year observations—a multiple-period Difference-in-Differences (DID) estimation is deployed. Contrary to the idealized premise of policy synergy, empirical regularities herein uncover a robust institutional friction effect: while the standalone Low-Carbon City policy substantially enhances corporate ESG performance, the superimposition of Smart City mandates generates a highly significant negative interaction effect. This research departs from the conventional single-policy evaluation paradigm, unpacking the black box of cross-departmental policy compatibility. Furthermore, the Multi-tasking Agency Theory is enriched by demonstrating how capital-intensive digital infrastructure projects cannibalize local credit resources, thereby crowding out corporate sustainability investments. Integrating extensive heterogeneity and robustness checks, including unconfounded mechanism testing, robust causal inference is provided, setting a rigorous baseline for subsequent macro-policy coordination evaluations.

• semanticscholar https://www.frontiersin.org/journals/environmental-science/articles/10.3389/fenvs.2026.1905154/pdffirst seen 2026-10-17 05:06:20 · last seen 2026-11-06 05:14:35