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

摘要： 全要素生产率提升是新质生产力发展的重要标志，数字化转型向纵深推进成为绿色全要素生产率提升的动力引擎。论文首先从信息不对称理论和技术经济范式理论视角揭示数字化转型影响绿色全要素生产率的理论机制，从波特假说和委托代理视角揭示绿色创新的中介效应和公司治理水平的调节效应，其次基于沪深A股2010-2022年上市企业数据，采用文本分析法并结合Python和爬虫等前沿技术工具测度企业数字化转型，以超效率SBM⁃Malmquist指数测度企业绿色全要素生产率，而后构建有调节的中介效应模型，探究数字化转型对重污染企业绿色全要素生产率的影响效果及作用机制。研究发现：数字化转型能够显著提升重污染企业绿色全要素生产率，考虑内生性问题并进行稳健性检验后该结论仍成立。机制检验显示，数字化转型通过促进企业绿色创新提质增量，驱动重污染企业绿色全要素生产率提升，公司治理水平在“数字化转型-绿色创新-绿色全要素生产率”传导路径中发挥正向调节作用，且调节效应发生在前半段路径。异质性分析表明，数字化转型对重污染企业绿色全要素生产率的提升效应因企业产权性质、融资约束程度和所属行业不同而有所差异，在国有企业、低融资约束企业和非制造业企业中数字化转型对绿色全要素生产率的提升作用更为显著。最后根据研究结论从企业和政府层面提出相关建议，助力企业数字化转型提升绿色全要素生产率。研究成果为全面融入数字技术、数字资源等新型生产要素，不断提高绿色全要素生产率，着力推进重污染企业绿色低碳转型和高质量发展提供经验证据。

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