| 唐洋,温琳艳.“双碳”目标下数字化转型对企业绿色投资的影响研究——来自A股上市公司的经验证据[J].,2025,(4):24-36 |
| “双碳”目标下数字化转型对企业绿色投资的影响研究——来自A股上市公司的经验证据 |
| Research on the Impact of Digital Transformation on Enterprises' Green Investment under the Goal of “Dual Carbon” |
| 投稿时间：2025-05-19 |
| DOI： |
| 中文关键词: 数字化转型 企业绿色投资 融资约束 代理成本 环境规制 |
| English Keywords:digital transformation corporate green investment financing constraints agency costs environmental regulation ( |
| Fund Project: |
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| 摘要点击次数: 27 |
| 全文下载次数: 12 |
| 中文摘要: |
| 在“双碳”目标下,企业通过数字化精准数据赋能绿色投资决策,以技术创新驱动资源高效配置,从而加速低碳转型并实现经济收益与环境效益的双向增值。文章以2012—2021年中国沪深两市A股上市企业为研究对象,实证考察数字化转型对企业绿色投资的影响机理。研究发现:数字化转型增加了企业绿色投资,且该结论在考虑内生性问题及稳健性检验后仍然成立；调节效应发现数字化可以通过降低代理成本、环境规制正向促进企业绿色投资,同时通过影响融资约束,对不同融资约束程度的企业绿色投资有相反的影响；进一步研究显示企业产权性质、股权集中度以及资产负债情况对增加企业绿色投资有显著影响。 |
| English Summary: |
| Under the goal of “dual-carbon”, enterprises can accelerate low-carbon transformation and realize the two-way value-added of economic and environmental benefits by empowering their green investment decisions with digitalized and accurate data, and driving the efficient allocation of resources with technological innovation. This paper takes A-share listed companies in China's Shanghai and Shenzhen stock markets from 2012 to 2021 as the research object, and empirically examines the impact mechanism of digital transformation on enterprises' green investment. The study finds that:digital transformation increases corporate green investment, and the conclusion still holds after considering the endogeneity problem and robustness tests; the moderating effect finds that digitalization can positively promote corporate green investment by reducing agency costs, and environmental regulation also plays a positive moderating role, meanwhile, by affecting financing constraints, it has an opposite effects on corporate green investment with different degrees of financing constraints; further research shows that the nature of corporate property rights, shareholding concentration and asset-liability situation have a significant effect on increasing corporate green investment. |
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