数字经济发展与企业绿色创新——基于“智慧城市”试点建设的准自然实验研究

Digital Economy Development and Enterprise Green Innovation:A Quasi-natural Experiment Research Based on Construction of“Smart City”

当前企业绿色转型迫在眉睫,传统环境规制政策虽然提升了企业被动性环境治理,但难以调动企业主动性环境行为,而数字经济发展为推动企业绿色创新提供了契机。本文基于2007-2019年A股制造业上市公司数据,以数字经济发展的重要抓手“智慧城市”试点建设作为外生冲击,采用多期DID的方法研究了数字经济发展背景下的企业绿色创新行为,研究发现:智慧城市建设能够显著提升企业的绿色创新水平,且该结论在经过一系列稳健性检验后依然成立;作用机制研究显示,智慧城市建设通过提升企业内部控制质量和缓解融资约束从而提升了绿色创新水平,而外部监管强度并未发挥中介作用;进一步对经济后果进行研究发现,智慧城市建设能够强化绿色创新对于企业价值的提升作用。本文拓展了数字经济发展的微观经济后果,同时为企业的绿色创新活动提供了全新的激励因素。

At present,the green transformation of enterprises is imminent.Although the traditional environmental regulation policy has promoted the passive environmental governance of enterprises,it is difficult to mobilize the proactive environmental behavior of enterprises.The development of digital economy provides an opportunity to promote the green innovation of enterprises.Based on the data of A-share listed manufacturing companies from 2007 to 2019,taking the pilot construction of“smart city”,an important focus of the development of digital economy,as an exogenous impact,and adopts the method of multi-stage DID to research the green innovation behavior of enterprises under the background of digital economy development.The research finds that:smart city construction can significantly improve the level of green innovation of enterprises,and this conclusion still holds after a series of robustness tests.Research on the mechanism shows that smart city construction improves the level of green innovation by improving the quality of internal control and alleviating financing constraints,while the intensity of external supervision does not play an intermediary role.Further research on the economic consequences shows that smart city construction can strengthen the role of green innovation in enhancing enterprise value.This paper expands the microeconomic consequences of the development of digital economy and provides a new incentive factor for enterprises to implement green innovation strategy.