数字化转型对企业绿色创新的影响——基于资本治理效能提升的视角  

The Impact of Digital Transformation on Green Innovation in Firms——From the Perspective of Improving the Efficiency of Capital Governance

作　　者：李春霞 王晓 王志伟 Li Chunxia;Wang Xiao;Wang Zhiwei(School of Finance,Tianjin University of Finance and Economics,Tianjin 300222,China;China Postal Savings Bank Co.,Ltd.Beijing Branch,Beijing 100037,China)

机构地区：[1]天津财经大学金融学院,天津300222 [2]中国邮政储蓄银行股份有限公司北京分行,北京100037

出　　处：《工业技术经济》2024年第7期22-32,共11页Journal of Industrial Technological Economics

基　　金：天津市高等学校人文社会科学研究项目“人工智能对企业高质量发展的影响及对策研究”(项目编号:2021SK107)。

摘　　要：后疫情时代伴随“数实融合”成为经济发展新动能,企业亟需利用资本市场力量改善其高质量发展过程中的资短缺等难题。本文基于沪深A股上市公司数据,从资本治理效能视角切入,探究数字化转型对实体企业绿色创新的影响。结果发现:数字化转型对企业绿色专利具有提升作用,且表现出明显时滞效应;以上效应影响主要源自数字化转型改善了资本治理效能,具体表现为数字化有助于提升股市信息治理效率、整合供应链资金运营与释放创新资本效率;当所属行业竞争、区域环境规制以及绿色金融发展水平较高时,数字化转型对企业绿色创新的促进效应更为强烈,但产权性质不会对数字化转型的绿色创新效应产生显著差异性影响。本文基于资本市场与公司金融理论揭示了“数实融合”的微观机理,对监管部门和实体企业在绿色发展情境下推进数字化转型具有启示意义。In the post pandemic era,with the integration of data and reality becoming a new driving force for economic de⁃velopment,enterprises urgently need to utilize the power of the capital market to improve the difficulties of funding shortage in their high-quality development process.Based on the data of A-share listed companies,this paper explores the impact of digital trans⁃formation on the green innovation of physical enterprises from the perspective of capital governance efficiency.The results show that digitization has an enhancing effect on green patents of listed companies,and exhibits a significant time lag effect.That effects mainly stem from the improvement of capital governance efficiency through digital transformation,which is reflected in the fact that digital transformation helps to improve market information governance efficiency,integrate supply chain funds and increase innova⁃tion investment.That promotion effect of digital transformation on green innovation is stronger when industry competition,regional environmental regulation and green finance development are high,while the nature of property rights does not have a significant dif⁃ferential impact on that effect.Based on the theories of capital markets and corporate finance,this study reveals the micro mecha⁃nism of the integration of data and reality,which has certain implications for regulatory authorities and physical enterprises to pro⁃mote digital transformation in the context of green development.

关 键 词：数字化转型 绿色创新 资本治理效能 信息治理 供应链资金 创新资本效率 数实融合 时滞效应 

分 类 号：F832[经济管理—金融学] F272