标题： 金融市场与ESG：大数据如何改变发展中国家的可持续投资 显示英文标题

标题： Financial Markets and ESG: How Big Data is Transforming Sustainable Investing in Developing countries

摘要： 本研究探讨了大数据采用和金融市场发展在推动发展中国家ESG投资中的作用，使用工具变量（IV）方法来解决内生性问题。 结果表明，大数据采用显著促进了ESG投资，因为数据驱动的分析提高了可持续性评估和资本配置。 金融市场发展也对ESG投资产生积极影响，但其影响相对较小。 一个关键发现是通货膨胀对ESG投资产生负面影响，突显了宏观经济稳定在促进可持续金融中的重要性。 相比之下，人均GDP和外国直接投资（FDI）不是显著决定因素，这表明经济增长本身并不驱动可持续性努力。 总体而言，本研究提供了实证证据，证明利用大数据和金融市场改善可以加速新兴经济体的可持续投资。 政策制定者应关注技术进步、金融改革和通货膨胀控制，以加强ESG投资和长期可持续性承诺。 显示英文摘要

摘要： This study explores the role of big data adoption and financial market development in driving ESG investments in developing countries, using an instrumental variable (IV) approach to address endogeneity. The results show that big data adoption significantly enhances ESG investing, as data-driven analytics improve sustainability assessments and capital allocation. Financial market development also positively influences ESG investments, but its effect is relatively small. A key finding is that inflation negatively impacts ESG investment, highlighting the importance of macroeconomic stability in fostering sustainable finance. In contrast, GDP per capita and foreign direct investment (FDI) are not significant determinants, suggesting that economic growth alone does not drive sustainability efforts. Overall, this study provides empirical evidence that leveraging big data and financial market improvements can accelerate sustainable investing in emerging economies. Policymakers should focus on technological advancements, financial reforms, and inflation control to strengthen ESG investments and long-term sustainability commitments.