大数据赋能了企业绿色创新吗——基于国家级大数据综合试验区的准自然实验

Can Big Data Empower Enterprises’Green Innovation Activities——Based on the Quasi-natural Experiment of the Big Data Experimental Zone

在数字经济蓬勃发展的当下,如何让大数据赋能企业绿色创新是“双碳”建设的重要议题。本文根据企业风险管理理论和实物期权理论,从企业的内、外部视角分析了大数据对企业绿色创新的影响路径,并基于国务院批准建设大数据试验区试点的准自然实验,以2013—2019年我国沪深两市A股上市公司为样本,采用多期双重差分法(DID)和倾向得分匹配双重差分法(PSM-DID)检验其影响及作用机制。实证结果显示,大数据可以有效赋能企业提高绿色创新绩效;在进行平行趋势检验、安慰剂检验以及更换被解释变量后,该结论依然成立。机制检验发现,数据要素市场建设具有提高企业内部控制水平和降低外部环境不确定性的“双重功效”,进而形成企业创新能力提高、创新意愿增强的正向反馈机制。此外,基于异质性检验,本文发现大数据试验区建设赋能企业绿色创新的政策效应在重污染行业和高污染地区并不明显;通过强化绿色信贷政策和加大地方政府环境规制,可以有效破解重污染行业和高污染地区对大数据赋能企业绿色创新的掣肘与梗阻。本研究旨在为如何协同推进经济体的数字化与绿色化发展提供启示与借鉴,使大数据切实成为经济绿色发展和提质增效的“新蓝海”。

Based on the quasi-natural experiment of the Big Data Experimental Zone approved by The State Council,this paper takes A-share listed companies in Shanghai and Shenzhen from 2013 to 2019 as samples to test the impact of data factor market construction on corporate green innovation by adopting the multi-period difference-in-difference(DID)method and the propensity score matching difference-in-differences method(PSM-DID).The empirical results show that the construction of the Big Data Experimental Zone can effectively empower enterprises to improve green innovation performance;This conclusion persisted after testing for parallel trends,placebo tests,and the replacement of explained variables.The mechanism test shows that the construction of data factor market has the“dual effect”of improving the level of internal control of enterprises and reducing the uncertainty of the external environment,thereby forming a positive feedback mechanism that enhances the enterprise’s ability and willingness to innovate.In addition,based on the heterogeneity test,we find that the policy effect of data factor empowerment on green innovation is not obvious in high-pollution industries and high-pollution areas.By strengthening green credit policies and improving environmental regulations of local governments,we can effectively break the constraints and obstacles to green innovation of data-enabling enterprises in heavily polluted industries and high-pollution areas.The purpose of this study is to provide inspiration and reference for how to coordinate the digitalization and green development of economy,so that data elements can effectively become the“new blue ocean”for economic green development and the improvement of quality and efficiency.