Abstract: Based on the discussion and analysis text of the management of listed enterprises from 2011 to 2020,this paper adopts the text analysis method to extract the keyword of “digital transformation”,describes the digital transformation behavior of enterprises,and empirically tests the influence of enterprise digital transformation on social responsibility and its channel mechanism. It is found that enterprises' digital transformation significantly worsens the expression of social responsibility,and presents a certain structural heterogeneity. The results of mechanism test show that the digital transformation of enterprises,on the one hand,because of its high cost,occupies the original corresponding resources of corporate social responsibility,and on the other hand,it reduces the acquisition of strategic resources and the self-interested motive of managers' social responsibility. The superposition of the above factors ultimately results in the deterioration of the expression of corporate social responsibility. Finally,this paper puts forward policy suggestions from three aspects:increasing the policy preference and financial support for enterprises' digital transformation,and encouraging enterprises to deeply integrate digital technologies in their production methods and management structures;strengthening the concept of corporate social responsibility education and support for them;taking advantage of the information supervision advantages of digital technology and enhancing the value feedback mechanism to improve the performance of corporate social responsibility.

Key words: digital transformation, corporate social responsibility, cost crowding, financing constraints