## 5 Empirical Test and Result Analysis
### Influencing Mechanism Analysis
#### 5.4.4 Enhance Governance Capacity  
Technology for good is the eidos of fair development. In the practice of science and technology to a good idea of the enterprise, through the supervision and governance path, to solve the digital transformation of data security, algorithm discrimination, consumer rights protection, market monopoly and other emerging issues, so as to develop on the basis of 'do no evil'. According to the 'digital technology for 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 fair development of enterprises. At present, the construction of various online interactive platforms has created the necessary technical conditions for the real-time transmission of information to the public. When enterprises conduct online business, they will leave corresponding traces on the Internet, which to a certain extent, also combats the illegal behavior of monopoly enterprises because they often use monopoly advantages to coerce other enterprises to cooperate with them or to conduct false transactions with related party enterprises, which greatly improves the concealment of their fraud, and digital technology greatly enhances the exposure of such behavior. On the other hand, from the perspective of social supervision, the combination of big data and blockchain technology provides the soil for the existence of credit digitization. Information asymmetry is rooted in the non-moral tendency of both parties to trade at the expense of others and self-interest. By recording the dishonesty of the credit grantor through big data and authenticating it through blockchain technology, many unqualified candidates can be excluded at the beginning of the loan, thus greatly reducing the credit risk caused by information asymmetry [65]. Enhanced protection of consumer rights and data security. In the governance path to reduce the agency problem, the management cost rate _Mfe_ is used as the intermediary variable. Columns (1) and (2) in Table 12 report the regression results of the mediating effect without adding control variables. The results show that _Lndigital_ is \(-0.0132\) for _Mfe_, which is significant at the 5% level, so there is a significant negative correlation between digital transformation and corporate agency problems. The regression coefficients of _Lndigital_ and _Mfe_ to ESG were \(0.0163\) and \(-0.0594\), 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. \begin{table}
\begin{tabular}{c c c c c} \hline \hline  & **(1)** & **(2)** & **(3)** & **(4)** \\ \hline \multirow{2}{*}{_Lndigital_} & \(M\)_fee_ & _ESG_ & _Mfe_ & _ESG_ \\ \hline \multirow{2}{*}{_Lndigital_} & \(-0.0132\) ** & \(0.0163\) *** & \(-0.0124\) ** & \(0.0133\) *** \\ \hline \multirow{2}{*}{_Mfe_} & (0.0058) & (0.0024) & (0.0052) & (0.0023) \\  & & \(-0.0594\) *** & & \(-0.0155\) *** \\ \hline \multirow{2}{*}{_Mfe_} & & (0.0043) & & (0.0044) \\ \hline \multirow{2}{*}{_l_nsize_} & & \(-0.1390\) *** & \(0.0511\) *** \\ \hline \multirow{2}{*}{_l_ev_} & & \(-0.9930\) *** & \(0.0702\) *** \\ \hline \multirow{2}{*}{_growth_} & & \(0.0400\) & (0.0182) \\ \hline \multirow{2}{*}{_roa_} & & \(0.0253\) *** & \(-0.0053\) * \\  & & (0.0063) & (0.0028) \\ \hline \end{tabular}
\end{table} 
Table 12: The intermediary role of the agency problem (* \(p<0.1\), ** \(p<0.05\), *** \(p<0.01\)). In the governance path of reducing information asymmetry, accrual earnings management is used as an intermediary indicator. Columns (1) and (2) in Table 13 report the regression results of the mediating effect without adding control variables. The results show that _Lndigital_ is \(-\)0.0045 for _Absdacc_, which is significant at the 1% level, so there is a significant negative correlation between digital transformation and enterprise information asymmetry.