企业数字化转型的绿色创新效应研究:实质性创新还是策略性创新?

Research on the green innovation effect of enterprise digital transformation:substantive innovation or strategic innovation?

数字化转型能否高效赋能企业绿色创新是值得探讨的重要命题。基于2011—2020年中国A股上市公司数据,探究了企业数字化转型对绿色创新的影响与机制。研究表明:数字化转型能够显著提高企业绿色创新数量与质量,对实质性绿色创新的提升效应更强,经一系列稳健性测试后结论依然成立。细化数字化转型维度后发现,相较于实践应用技术,底层技术运用对实质性与策略性绿色创新的促进作用更加显著。机制分析表明,数字化转型主要通过提升盈余信息质量、缓解融资约束、提高技术整合能力这三条路径来推动绿色创新。异质性分析发现,在数字经济发展水平较低、营商环境较差、政府环保注意力水平较高的地区,数字化转型对绿色创新的推动效应更为显著,而ESG评分更高的企业则突出强化了数字化转型对实质性、策略性绿色创新的实施效果。进一步研究发现,环境不确定性会抑制数字化转型对企业绿色创新的促进作用,而政府补贴呈现出雪中送炭的“挤入效应”,有效对冲了高环境不确定性下产生的负面影响。结论有助于拓展微观企业数字化转型的绿色创新领域研究,为助力企业更好实现绿色低碳转型提供经验证据。

Whether digital transformation can efficiently enable the green innovation of enterprises is an important issue.Based on the data of A-share listed companies in China from 2011 to 2020,this paper explores the impact of digital transformation on green innovation and the mechanism for that effect.The research shows that digital transformation can significantly improve the quantity and quality of green innovation of enterprises,and the promotion effect of substantial green innovation is stronger.The conclusions are still valid after a series of robustness tests.After refining the dimensions of digital transformation,the paper finds that the application of the underlying technology plays a more significant role in promoting substantive and strategic green innovation than the practical application technology.Mechanism analysis shows that digital transformation mainly promotes green innovation through three paths:improving the quality of earnings information,easing financing constraints,and improving technology integration capability.Heterogeneity analysis shows that the promotion effect of digital transformation on green innovation is more significant in areas with low levels of digital-economy development,a poor business environment,and a high level of government attention to environmental protection,while the implementation effect of digital transformation on substantive and strategic green innovation is strengthened for enterprises with higher ESG scores.Further,environmental uncertainty will inhibit the promotion effect of digital transformation on enterprises'green innovation,while government subsidies have a crowding-in effect by providing timely assistance,effectively offsetting the negative impact of high environmental uncertainty.The paper's conclusions expand the research of green innovation in the digital transformation of micro-enterprises and provide empirical evidence for enterprises to better realize green and low-carbon transformation.