重污染业数字化转型、分析师关注度与绿色持续性创新

Digital Transformation of Heavy-Polluting Industries,Analysts’Attention and Green Sustainable Innovation

文章选取2013—2022年我国A股重污染行业上市公司数据,实证研究企业数字化转型对绿色持续性创新的影响。研究发现,重污染企业数字化转型能够显著提高绿色持续性创新水平;重污染企业数字化转型通过提高分析师关注度实现对绿色持续性创新的促进作用。进一步分析发现,政府补助可以正向调节重污染企业数字化转型与绿色持续性创新的关系;以上结论通过内生性、稳健性检验具有较好的稳健性。对重污染企业数据进行异质性分析发现,非国有企业和高融资约束水平下,数字化转型对绿色持续性创新的促进作用更显著;数字化转型通过提升分析师关注度作用于绿色持续性创新的推动作用在非国有企业更明显;不同融资约束水平下,分析师关注度的中介效应均是显著的;政府补助调节效应在国有企业和高融资约束水平下更加显著。

The article selects the data of China’s A-share listed companies in the heavy-polluting industry from 2013 to 2022,and empirically investigates the impact of enterprise digital transformation on green sustainable innovation.The study finds that the digital transformation of heavy-polluting enterprises can significantly improve the level of green sustainable innovation.The digital transformation of heavy-polluting enterprises can promote green sustainable innovation by increasing the attention of analysts.The further analysis shows that government subsidies can positively regulate the relationship between the digital transformation of heavy-polluting enterprises and green sustainable innovation.The above conclusions have good robustness through the endogeneity and robustness test.The heterogeneity analysis of the data of heavy-polluting enterprises shows that the role of digital transformation in promoting green sustainable innovation is more significant in non-state-owned enterprises and enterprises with high-level financing constraints and the role of digital transformation in promoting green sustainable innovation by improving analysts’attention is more obvious in non-state-owned enterprises.The mediating effect of analysts’attention is significant under different levels of financing constraints.The regulatory effect of government subsidies is more significant in state-owned enterprises and enterprises with high-level financing constraints.