Will the Enterprise Digital Transformation Promote Corporate Green Technological Innovation? Empirical Evidence Based on Text Analysis Methods

Abstract

Abstract: With the arrival of the digital era, the deep integration and broad expansion of the digital economy and the real economy has become a general trend. Green technological innovation is an important path to achieve the “dual-carbon goal” as well as the cornerstone of green development and social green transformation. Vigorously developing green technological innovation is conducive to the sustainable development of the economy. In the context of the rapid development of the digital economy, it will contribute to promoting high-quality economic development to study whether enterprises' digital transformation can boost their green technological innovation. This paper takes the data of A-share listed companies in Shanghai and Shenzhen from 2014 to 2021 as the sample to carry out an in-depth verification of the influence path between the degree of enterprise digital transformation and the level of green technology innovation. The main findings are as follows: enterprise digital transformation is positively correlated with enterprise green technology innovation, i.e., enterprise digital transformation can significantly improve the level of enterprise green technology innovation. The heterogeneity test finds that the impact of digital transformation on enterprise green technology innovation is more significant in state-owned enterprises and large enterprises. The influence mechanism test shows that the information sharing effect and the corporate governance effect, as the influence mechanisms of the positive relationship between digital transformation and green technology innovation, produce a certain mediating effect on the relationship between the two; the promotion effect of digital transformation on enterprise green technology innovation is mainly realized by promoting enterprises to improve the level of information sharing and the level of corporate governance. In addition, under higher economic policy uncertainty, the promotional effect of enterprise digital transformation on enterprises to improve the level of green technological innovation is more prominent. Enterprise digital transformation can promote enterprises to carry out green technology innovation to improve the transformation and upgrading of manufacturing enterprises.The findings of this paper support the positive promotion effect of enterprise digital transformation on green technology innovation, provide a basis for judgment of the decision-making of green innovation practice and behavior of many enterprise subjects, and also offer certain suggestions for the policy formulation of the relevant government departments. First, the government should encourage enterprises to build and improve the diversified digital green innovation ecology, build a sustainable development innovation system based on digital technology, and boost enterprise green technology innovation momentum. Second, enterprises should strengthen the information disclosure of digital transformation and improve the transparency of information disclosure, so as to promote the enhancement of the level of green technological innovation of enterprises. Finally, relevant government departments should play an active and adequate role in guiding the digital transformation of enterprises, attracting enterprises to complete digital transformation more closely through the formulation and promulgation of policies, escorting the direction and process of digital transformation of enterprises, and carrying out green technological innovation activities.

Key words: Enterprise Digital Transformation, Corporate Green Technology Innovation, Information Sharing Effect, Corporate Governance Effect, Enterprise Transformation and Upgrading

摘要： 数字化转型是企业在激烈的市场竞争中实现可持续发展的核心引擎。本文选取2014—2021年A股上市制造业企业为样本,通过文本分析技术对企业年报中有关“数字化转型”标识词进行定位和提取,以此来评估企业的数字化水平,并系统考察企业数字化转型对企业绿色技术创新的影响及其作用机制。研究发现,企业数字化转型显著提升了企业的绿色技术创新水平。异质性检验揭示,数字化转型对企业绿色技术创新的影响在国有企业和大型企业中更为显著。进一步的机制检验表明,数字化转型主要通过提升信息共享和公司治理水平来促进企业绿色技术创新。在经济政策不确定性较高的环境下,数字化转型对企业绿色技术创新的促进作用尤其明显。本文的研究结论为深入理解数字化转型如何影响企业绿色技术创新提供了微观证据,也为我国数字经济政策的制定以及经济的高质量发展提供了重要启示。

关键词: 企业数字化转型, 绿色技术创新, 信息共享效应, 公司治理效应, 企业转型升级

CLC Number:

F273.1

GAO Zhilin, TAN Wenhao. Will the Enterprise Digital Transformation Promote Corporate Green Technological Innovation? Empirical Evidence Based on Text Analysis Methods[J]. Collected Essays on Finance and Economics, 2024, 40(1): 79-91.

高智林, 谭文浩. 企业数字化转型会促进绿色技术创新吗？——基于文本分析方法的经验证据[J]. 财经论丛, 2024, 40(1): 79-91.

References

[1]戚聿东, 肖旭. 数字经济时代的企业管理变革[J]. 管理世界, 2020, (6): 135-152.
[2]吴非, 胡慧芷, 林慧妍, 等. 企业数字化转型与资本市场表现——来自股票流动性的经验证据[J]. 管理世界, 2021, (7): 130-144.
[3]安同良, 闻锐. 中国企业数字化转型对创新的影响机制及实证[J]. 现代经济探讨, 2022, (5): 1-14.
[4]袁淳, 肖土盛, 耿春晓, 等. 数字化转型与企业分工:专业化还是纵向一体化[J]. 中国工业经济, 2021, (9): 137-155.
[5]祁怀锦, 曹修琴, 刘艳霞. 数字经济对公司治理的影响——基于信息不对称和管理者非理性行为视角[J]. 改革, 2020, (4): 50-64.
[6]Gurbaxani V., Dunkle D. Gearing up for Successful Digital Transformation[J]. MIS Quarterly Executive, 2019, 18(3): 209-220.
[7]陈庆江, 王彦萌, 万茂丰. 企业数字化转型的同群效应及其影响因素研究[J]. 管理学报, 2021, (5): 653-663.
[8]赵宸宇, 王文春, 李雪松. 数字化转型如何影响企业全要素生产率[J]. 财贸经济, 2021, (7): 114-129.
[9]陶锋, 赵锦瑜, 周浩. 环境规制实现了绿色技术创新的“增量提质”吗——来自环保目标责任制的证据[J]. 中国工业经济, 2021, (2): 136-154.
[10]邵帅, 范美婷, 杨莉莉. 经济结构调整、绿色技术进步与中国低碳转型发展——基于总体技术前沿和空间溢出效应视角的经验考察[J]. 管理世界, 2022, (2): 46-69.
[11]王垒, 宋天阳. 数字金融发展对企业绿色技术创新的影响研究——基于多主体中介的驱动解释[J]. 中国海洋大学学报(社会科学版), 2022, (3): 109-121.
[12]Ebert C., Duarte C. H. C. Digital Transformation[J]. IEEE Software, 2018, 35(4): 16-21.
[13]Forman C., Bell M., Martin B. Digital Technology Adoption and Knowledge Flows within Firms: Can the Internet Overcome Geographic and Technological Distance? [J]. Research Policy, 2019, 48(8): 136-197.
[14]毕克新, 王禹涵, 杨朝均. 创新资源投入对绿色创新系统绿色创新能力的影响——基于制造业FDI流入视角的实证研究[J]. 中国软科学, 2014, (3): 153-166.
[15]Sanchez R. Understanding Competence-based Management:Identifying and Managing Five Modes of Competence[J]. Journal of Business Research,2004, (1): 518-532.
[16]黄大禹, 谢获宝, 孟祥瑜, 等. 数字化转型与企业价值——基于文本分析方法的经验证据[J]. 经济学家, 2021, (12): 41-51.
[17]赵宸宇. 数字化发展与服务化转型——来自制造业上市公司的经验证据[J]. 南开管理评论, 2021, (2): 149-163.
[18]林川. 数字化转型与股价崩盘风险[J]. 证券市场导报, 2022, (6): 47-57.
[19]张永安, 张瑜筱丹. 外部资源获取、内部创新投入与企业经济绩效关系——以新一代信息技术企业为例[J]. 华东经济管理, 2018, (10): 168-173.
[20]周开国, 卢允之, 杨海生. 融资约束、创新能力与企业协同创新[J]. 经济研究, 2017, (7): 94-108.
[21]Kulangara N. P., Jackson S. A., Prater E. Examining the Impact of Socialization and Information Sharing and the Mediating Effect of Trust on Innovation Capability[J]. International Journal of Operations and Production Management,2016, 36(11): 1601-1624.
[22]Frynas J. G., Mol M. J., Mellahi K. Management Innovation Made in China: Haier's Rendanheyi [J]. California Management Review, 2018, 61(1): 71-93.
[23]刘淑春, 闫津臣, 张思雪, 等. 企业管理数字化变革能提升投入产出效率吗[J]. 管理世界, 2021, (5): 170-190.
[24]王守海, 徐晓彤, 刘烨炜. 企业数字化转型会降低债务违约风险吗？[J]. 证券市场导报, 2022, (4): 45-56.
[25]肖土盛, 吴雨珊, 亓文韬. 数字化的翅膀能否助力企业高质量发展——来自企业创新的经验证据[J]. 经济管理, 2022, (5): 41-62.
[26]王馨, 王营. 环境信息公开的绿色创新效应研究——基于《环境空气质量标准》的准自然实验[J]. 金融研究, 2021, (10): 134-152.
[27]黎文靖, 郑曼妮. 实质性创新还是策略性创新?——宏观产业政策对微观企业创新的影响[J]. 经济研究, 2016, (4): 60-73.
[28]周煊, 程立茹, 王皓. 技术创新水平越高企业财务绩效越好吗?[J]. 金融研究, 2012, (8): 166-179.
[29]齐绍洲, 林屾, 崔静波. 环境权益交易市场能否诱发绿色创新?——基于我国上市公司绿色专利数据的证据[J]. 经济研究, 2018, (12): 129-143.
[30]王锋正, 陈方圆. 董事会治理、环境规制与绿色技术创新——基于我国重污染行业上市公司的实证检验[J]. 科学学研究, 2018, (2): 361-369.
[31]姜英兵, 徐传鑫, 班旭. 数字化转型与企业双元创新[J]. 经济体制改革, 2022, (3): 187-193.
[32]李庆华, 郭飞, 刘坤鹏. 使用衍生品的公司创新水平更高吗——基于融资约束和高管风险承担意愿的视角[J]. 会计研究, 2021, (2): 149-163.
[33]张永珅, 李小波, 邢铭强. 企业数字化转型与审计定价[J]. 审计研究, 2021, (3): 62-71.
[34]刘和旺, 李泱泱, 郑世林. 碳排放交易试点对企业转型升级的影响[J]. 产业经济评论, 2020, (6): 86-104.
[35]逯东, 池毅. 《中国制造2025》与企业转型升级研究[J]. 产业经济研究, 2019, (5): 77-88.
[36]武力超, 陈韦亨, 林澜, 等. 创新及绿色技术创新对企业全要素生产率的影响研究[J]. 数理统计与管理, 2021, (2): 319-333.