## 5 Empirical Test and Result Analysis
### Influencing Mechanism Analysis
#### 5.4.3 Increase Information Transparency  
Technology for the better is the eidos of shared development, that is, the use of digital transformation to explore the social value of its business activities, and presented in the enterprise strategy, business development and resource allocation so that enterprises, through the creation of social value to achieve shared development results. According to the 'digital technology to good' effect discussed in the third part of the theoretical mechanism and hypothesis, the digital transformation of enterprises is conducive to the formation of the eidos of shared development of enterprises. The synergistic effect theory holds that the various components of the entire economic society are mutually influential, competitive, and mutually reinforcing [63]. The strong information effect of digital transformation amplifies the relationship between enterprises and enterprises. The birth of Internet supply chain finance just proves this point. The foundation of financial development lies in commercial credit. The foundation of commercial credit is based on the relative symmetry of information between borrowing and financing; that is, there is no possibility that both parties can use information advantages to seek private interests. Digital technology is the key tool to solving the problem that it is difficult to thoroughly understand the credibility of each other between enterprises in the past [64]. Based on information technology, the transparency of information between enterprises is enhanced, and the mutual trust relationship between enterprises is also enhanced. It has changed the state of complete mutual distrust, which has also affected the formulation of high-level strategies of enterprises and strengthened the awareness of enterprises to create social wealth and share development results. This paper uses information transparency to represent the development of enterprise information sharing and replaces the sharing development concept of science and technology with information sharing. For example, Yonghui Supermarket promotes the development of enterprises by sharing super species, the Yonghui life platform, sharing information and spreading sharing concept. This paper further uses analyst attention as an intermediary indicator of information transparency. Generally speaking, companies with greater analyst attention have higher information transparency. \begin{table}
\begin{tabular}{c c c c} \hline \hline  & **(1)** & **(2)** & **(3)** & **(4)** \\ \hline  & _Lntd_ & _ESG_ & _Lntd_ & _ESG_ \\ \hline  & & & (0.0371) & (0.0093) \\ \hline fsh1 & & & 0.0561 & 0.0493 ** \\ \hline  & & & (0.0900) & (0.0220) \\ \hline dlzb & & \(-\)0.363 & \(-\)0.0757 \\ \hline  & & & (0.232) & (0.0534) \\ \hline big4 & & & 0.116 *** & 0.148 *** \\ \hline  & & & (0.0448) & (0.0117) \\ \hline lange & & & \(-\)0.208 *** & 0.120 *** \\ \hline  & & & (0.0391) & (0.0106) \\ \hline \_cons & 15.95 *** & 1.893 *** & \(-\)0.727 * & 0.932 *** \\ \hline  & (0.158) & (0.0498) & (0.380) & (0.0865) \\ \hline Industry & control & control & control & control \\ \hline Year & control & control & control & control \\ \hline \(N\) & 7025 & 7025 & 7025 & 7025 \\ \hline \(R^{2}\) & 0.310 & 0.232 & 0.598 & 0.327 \\ \hline adj. \(R^{2}\) & 0.305 & 0.227 & 0.594 & 0.321 \\ \hline \hline \end{tabular}
\end{table} 
Table 10: _Cont._Columns (1) and (2) in Table 11 report the regression results of the mediating effect without adding control variables. The results show that _Lndigital_ is 0.0895 for _Analyst_, which is significant at the 1% level, so there is a significant positive correlation between digital transformation and corporate information transparency. The regression coefficients of _Lndigital_ and _Analyst_ to ESG were 0.0089 and 0.0399, respectively, which were significant at the 1% level. Therefore, the mediating effect is established. Columns (3) and (4) report the regression results of the mediating effect of adding control variables, and the results are consistent with the above.