Does Digital Transformation Improve the Energy Efficiency of High Energy-Consuming Enterprises?
At the present stage,reducing carbon emissions has become a key factor for enhancing industrial and economic global competitiveness.Improving the energy efficiency of enterprises,the primary driver of economic and social development,serves as the core impetus for reducing carbon emissions.However,there is currently a paucity of literature that delves into the micro-level impacts of digital transformation on energy efficiency.Therefore,this paper aims to supplement this aspect of research and refine the relevant theoretical framework.By conducting an in-depth analysis of the impact of digital transformation on enterprise energy efficiency,this paper aims to provide theoretical support and practical guidance for the development of more effective carbon emission reduction strategies.This paper matches the data of listed companies from 2001 to 2012 with the China Industrial Enterprise Database and the China Industrial Enterprise Pollution Database for the first time.Following the method of Tone(2001),this paper uses the super-efficiency SBM-DEA model to measure the energy efficiency of high energy-consuming listed companies and examine the impact of digital transformation on the energy efficiency of these companies.Empirical research indicates that the digital transformation of listed companies significantly improves their energy efficiency.After considering the substitution of core variables,adopting instrumental variable analysis,and addressing endogeneity problems,the research findings remain robust.Heterogeneity analysis suggests that the effect of digital transformation on energy efficiency is greater for non-state-owned enterprises,high energy-consuming enterprises,and companies located in regions with higher levels of marketization.Mechanism analysis reveals that enterprise digital transformation enhances the energy efficiency of high energy-consuming enterprises by improving their green innovation capabilities and optimizing energy consumption structures.This paper has two marginal contributions.Firstly,it extends literature on the impact of digital transformation on corporate environmental behavior.Constrained by data at the enterprise level,existing studies mainly focus on the impact of digital economy on national and urban energy efficiency,lacking analysis of energy efficiency at the enterprise level.This paper matches data of listed companies with the China Industrial Pollution Database to analyze the impact of digital transformation on the energy efficiency of listed companies,providing new insights into evaluating the impact of digital transformation.Secondly,it explores the potential mechanisms of the impact of digital transformation on the energy efficiency of high energy-consuming enterprises,revealing the significant importance of emerging drivers represented by digital technologies in optimizing energy structure,improving energy efficiency,and accelerating carbon emission reduction.It also provides support for empowering enterprises'green development through digital transformation.This paper not only enriches relevant literature in the field of enterprise digital transformation but also provides new insights into the green and sustainable development of the economy from the perspective of corporate behavior.Achieving the"dual carbon"goal is a crucial foundation for showcasing China's active assumption of great power responsibility and establishing its image as a major nation.This paper affirms the positive significance of digital technology in improving energy efficiency and provides support for how the government should encourage and assist enterprises in implementing digital transformation.
digital transformationhigh energy-consuming companiesenergy efficiencygreen technology innovationenergy mix
NETL
NSTL
万方数据
