关键词: 数字化转型, 绿色全要素生产率, 绿色创新, 公司治理, 重污染企业

Abstract:

New-quality productivity is marked by total factor productivity improvement, and the deepening of digital transformation becomes the power engine of green total factor productivity improvement. Firstly, the paper reveals the theoretical mechanism of the impact of digital transformation on green total factor productivity from the perspective of information asymmetry theory and technology economy paradigm theory, and reveals the mediating effect of green innovation and the regulatory effect of corporate governance from the perspective of Porter hypothesis and principal-agent theory. Secondly, based on the data of listed companies in Shanghai and Shenzhen A shares from 2010 to 2022, the paper measures the digital transformation of enterprises by using text analysis method combined with cutting-edge technology tools such as Python and crawler, measures the green total factor productivity of enterprises by using super efficiency SBM⁃Malmquist index, and then constructs a regulatory mediating effect model to explore the effect and mechanism of digital transformation on the green total factor productivity of heavily polluting enterprises. The study finds that digital transformation can significantly increase the green total factor productivity of heavy polluting enterprises, and the conclusion still holds after considering the endogeneity problem and conducting the robustness test. The mechanism test shows that digital transformation drives the green total factor productivity of heavy polluters by promoting the quality and quantity of green innovation, and the level of corporate governance plays a positive moderating role in the transmission path of "digital transformation-green innovation-green total factor productivity", and the moderating effect occurs in the first half of the path. Heterogeneity analysis shows that the effect of digital transformation on the green total factor productivity of heavily polluting enterprises varies according to the nature of enterprise property rights, the degree of financing constraints and the industry to which they belong, and that the effect of digital transformation on the green total factor productivity of state-owned enterprises, low-financing constraints enterprises and non-manufacturing enterprises is more significant. Finally, based on the findings of the study, relevant recommendations are proposed at the enterprise and government levels to assist enterprises in digital transformation to enhance green total factor productivity. The research results provide empirical evidence for comprehensively integrating digital technology, digital resources and other new production factors, continuously improving green total factor productivity, and focusing on promoting the green low-carbon transformation and high-quality development of heavily polluting enterprises.

Key words: Digital transformation, Green total factor productivity, Green innovation, Corporate governance, Heavy polluting enterprises