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企业数字化转型、策略性绿色创新与企业环境表现

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进一步推动企业数字化转型、完善绿色金融体系,对提升资源配置效率、促进企业绿色低碳转型、引导资源性产业有序发展等高质量发展目标具有重要意义.本文以2009-2022年中国A股4748家上市企业为样本,实证检验和分析了企业数字化转型对企业环境表现的影响及其内在机制.研究发现:企业数字化转型显著提升了企业的环境表现和绿色创新,人工智能技术、大数据技术、云计算技术和技术实践应用对企业环境表现均起到了积极作用;在政企之间存在信息壁垒、创新监管政策滞后的情况下,企业存在策略性绿色创新行为;绿色债券带来的巨大资金激励扭曲了企业数字化转型对于企业实质性绿色创新的促进作用.国有企业相较于非国有企业而言,企业数字化转型对于环境表现的促进作用更为明显.在绿色债券资金激励下,非国企更倾向于采取策略性绿色创新行为,国企更倾向于采取实质性绿色创新行为;制造业企业、非重污染行业更倾向于采取策略性绿色创新行为,非制造业企业、重污染行业更倾向于采取实质性绿色创新行为.本文研究结论为进一步落实企业数字化转型战略和完善绿色创新监管体系提供了科学支撑.
Corporate Digital Transformation,Strategic Green Innovation and Corporate Environmental Performance
In the context of an increasingly severe global environmental landscape,driving green transformation and im-proving environmental performance have become critical objectives in public policy worldwide.Since the 18th National Congress of the Communist Party of China(CPC)proposed to make great efforts to promote ecological progress,the Chi-nese government has prioritized the harmonious development of the economy and the environment.The Resolution of the Central Committee of the Communist Party of China on Further Deepening Reform Comprehensively to Advance Chi-nese Modernization adopted at the Third Plenary Session of the 20th Central Committee of the CPC further underscored the improvement of the mechanisms for green and low-carbon development.As companies play a pivotal role in pursuing green development,they face the challenge of reducing environmental pollution without significantly lowering produc-tion capacity.Since 2021,General Secretary Xi Jinping has repeatedly emphasized the need to accelerate the development of the digital economy and promote deeper integration of the digital and real economies.In this context,digital transfor-mation has become a top priority of corporate development and reform.Companies are increasingly applying information technologies such as artificial intelligence,blockchain,cloud computing,and big data in their operations,hoping to opti-mize management structures,enhance production capabilities,and improve environmental performance through digital transformation.Furthermore,the development of green finance has created favorable conditions for corporate green trans-formation.In December 2023,the Central Committee of the CPC and the State Council issued the Opinions on Compre-hensively Advancing the Development of a Beautiful China,calling for the vigorous development of green finance to sup-port the financing of the Beautiful China Initiative.Therefore,how to promote corporate green development in the con-text of the digital economy and use green finance to facilitate corporate green innovation and improve environmental per-formance has become an urgent and practical issue to address.This study uses a sample of 4,748 Chinese A-share listed companies from 2009 to 2022 to empirically test and deeply analyze the impact of corporate digital transformation on environmental performance and its underlying mecha-nisms.The findings are as follows.(1)Corporate digital transformation significantly enhances environmental perfor-mance and green innovation,with artificial intelligence,big data,cloud computing,and applied digital technologies all playing a positive role.(2)Amidst information barriers between the government and companies and lagging innovative regulatory policies,companies engage in strategic green innovation;digital transformation strengthens substantive green innovation,thereby enhancing environmental performance.(3)The substantial financial incentives from green bonds have curtailed the promoting effect of digital transformation on substantive green innovation,thereby diminishing the im-pact of digital transformation on environmental performance.(4)Compared to non-state-owned enterprises,state-owned enterprises show a more pronounced effect of digital transformation on environmental performance.Under substantial fi-nancial incentives,non-state-owned enterprises are more inclined to engage in strategic green innovation,while state-owned enterprises tend toward substantive green innovation.Additionally,under the financial incentives of green bonds,manufacturing and non-heavy pollution industries are more likely to engage in strategic green innovation,whereas non-manufacturing and heavy pollution industries are more inclined to undertake substantive green innovation.Based on the conclusions of this study,the following recommendations are offered:(1)continue to assist companies in implementing digital transformation strategies while simultaneously enhancing the digital capabilities of government agencies;(2)continue to promote green financial instruments,such as green bonds,to expand their market presence,alle-viate the green financing pressures on companies,and boost corporate green research and development capabilities;and(3)establish a comprehensive regulatory framework for corporate green bonds and green innovation,aimed at enhancing the effectiveness of policies that promote green innovation and substantively raising the level of green innovation within companies.More specifically,the proposed measures are as follows:(1)swiftly establish a unified and comprehensive regulatory model for green bonds in China;(2)expedite the development of a unified and standardized system for green bonds;(3)enhance the information disclosure mechanism and develop a scientific regulatory system;and(4)increase the involvement of third-party assessment agencies.This study contributes to the body of literature by validating the positive impact of corporate digital transformation on environmental performance and green innovation.It distinguishes between substantive and strategic green innovations and reveals that the substantial financial incentives associated with green bonds can distort the influence of digital trans-formation and its specific areas on substantive green innovation,thus affecting corporate environmental performance.The findings provide scientific support for further implementing digital transformation strategies,developing targeted digital transformation plans for companies,and refining the regulatory system for green innovation.

Corporate Digital TransformationCorporate Environmental PerformanceStrategic Green InnovationGreen Bonds

王镝、章扬

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北京大学政府管理学院,北京大学公共治理研究所,邮政编码:100871

美国芝加哥大学社会科学学院,邮政编码:60637

企业数字化转型 企业环境表现 策略性绿色创新 绿色债券

2024

经济研究
中国社会科学院经济研究所

经济研究

CSTPCDCSSCICHSSCD北大核心
影响因子:4.821
ISSN:0577-9154
年,卷(期):2024.59(10)