Abstract: In order to study the relationship between digital transformation, green innovation and green total factor productivity of heavily polluting enterprises, as well as the moderating role of corporate governance among the three, this paper, based on the 2010-2022 data of China's A-listed heavily polluting enterprises, uses SBM-Malmquist index to estimate green total factor productivity of enterprises, and establishes a quantitative model to study the impacts of digital transformation on green total factor productivity of enterprises.A mediation test model and an adjustment test model are constructed to explore the mediating role of green innovation level between digital transformation level and green total factor productivity of enterprises, and the moderating effect of corporate governance level between digital transformation level, green innovation level and green total factor productivity of enterprises.This paper also verifies heterogeneity in enterprises' ownership, financing constraints and sectors.A positive correlation exists between digital transformation and green total factor productivity of enterprises, suggesting digital transformation can largely improve green total factor productivity of heavily polluting enterprises.Digital transformation can improve the green innovation level of enterprises, and the green innovation level plays a partial mediation role between the digital transformation level and the green total factor productivity of enterprises.The level of corporate governance plays a positive moderating effect between the level of digital transformation and the level of green innovation, that is, improving the level of corporate governance can strengthen the role of digital transformation in improving the level of green innovation, which can also improve the green total factor productivity of heavily polluting enterprises.The digital transformation of state-owned heavily polluting enterprises will play a greater role in improving green total factor productivity of enterprises than that of non-state-owned heavily polluting enterprises, and the digital transformation of heavily polluting enterprises with low financing constraints will play a greater role in improving green total factor productivity of enterprises than that of heavily polluting enterprises with high financing constraints.The digital transformation of non-manufacturing heavily polluting enterprises will play a greater role in improving the green total factor productivity of enterprises than that of manufacturing heavily polluting enterprises.

Key words: digital transformation;green total factor productivity of enterprises, green innovation level, corporate governance level, heavily polluting enterprises

摘要： 为了研究数字化转型、绿色创新与重污染企业绿色全要素生产率三者间的作用关系，以及公司治理在三者间发挥的调节作用，本文将2010—2022年沪深股市A股重污染行业上市公司作为研究样本，首先运用超效率SBM-Malmquist指数测算了企业绿色全要素生产率，并通过构建计量模型研究了数字化转型对企业绿色全要素生产率发挥的影响作用；其次通过构建中介作用检验模型与调节效应检验模型，分别研究了绿色创新水平在数字化转型水平与企业绿色全要素生产率之间发挥的中介作用，以及公司治理水平在在数字化转型水平、绿色创新水平、企业绿色全要素生产率之间发挥的调节效应；最后还分别对企业产权异质性、企业融资约束异质性、企业行业异质性进行了检验。研究结果表明：1）数字化转型与企业绿色全要素生产率之间存在着正相关关系，即数字化转型能够显著提升重污染企业绿色全要素生产率。2）数字化转型可以提升企业的绿色创新水平，且绿色创新水平在数字化转型水平与企业绿色全要素生产率之间发挥了部分中介作用。3）公司治理水平在数字化转型水平与绿色创新水平之间发挥着正向调节效应，即提高公司治理水平能够强化数字化转型对绿色创新水平的提升作用，进而也能够提高重污染企业绿色全要素生产率。4）国有重污染企业的数字化转型对企业绿色全要素生产率发挥的提升作用会比非国有重污染企业更大，低融资约束重污染企业的数字化转型对企业绿色全要素生产率发挥的提升作用会比高融资约束重污染企业更大，非制造业重污染企业数字化转型对企业绿色全要素生产率发挥的提升作用会比制造业重污染企业更大。

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