企业数字化转型的绿色效应研究——基于资本市场与产品市场的外部治理视角

Greening of Enterprises Promoted by Digital Transformation:From the External Governance Perspective of Capital Market and Product Market

数字化转型为企业绿色化提供强劲动能。基于企业微观层面,以2013-2020年沪深A股制造业企业为研究对象,考察数字化转型对企业绿色化的影响,并从资本市场和产品市场外部治理视角探究其中介机制。实证分析表明,企业数字化转型能够显著促进其绿色化,主要是通过降低融资成本和提高产品市场竞争力两种渠道来实现。与传统制造企业和亏损企业相比,企业数字化转型对绿色化的促进作用在现代制造企业和盈利企业中体现得更为显著。研究结果丰富了企业数字化转型的经济后果,为数字化和绿色化协同发展提供经验证据。

Digital transformation provides strong driving force for enterprise greening.Based on the micro level of enterprises,this paper focuses on manufacturing enterprises in the Shanghai and Shenzhen A-share markets from 2013 to 2020,examining the impact of digital transformation on greenness,and exploring their intermediary mechanisms from the perspective of external governance in the capital market and product market.The research found that the digital transformation of enterprises can significantly promote the greening,which is mainly achieved through two channels:reducing financing cost and increasing product market competitiveness.Compared with traditional manufacturing enterprises and loss-making enterprises,the promotion of enterprise digital transformation to greening is more significant in modern manufacturing enterprises and profit-making enterprises.The research results enrich the economic consequences of enterprise digital transformation and provide empirical evidence for the collaborative development of digitalization and greening.