The Study On The Relationship Between Digital Transformation And Green Innovation

As an important part of economic transition,it is urgent for enterprises to solve how to realize green transition in the high-quality development stage.At the same time,big data,artificial intelligence,and other technologies are gradually applied to enterprise environmental data collection and visual monitoring,highlighting its green value.There are a few studies focusing on the green value of digital transformation.These studies are basically based on the view of natural resources-based theory,focusing on the impact of digital transformation on the internal innovation capability of enterprises,but ignoring the attention and supervision of external stakeholders,which is also an important driving factor.Based on the information asymmetry theory,spotlight effect theory,and natural resources-based theory,this paper takes Chinese non-financial listed companies from 2009 to 2021 as research samples,starting from the information transfer effect and resource effect,to investigate the impact of digital transformation on green innovation.It is found that digital transformation can promote the quantity,quality,and efficiency of green innovation,and this conclusion is still robust after robustness tests including the instrumental variable method,Heckman two-step method,and propensity score matching method are adopted.Mechanism analysis shows that digital transformation plays an information transmission effect by increasing analyst attention and an information resource effect by promoting R&D investment,thus promoting green innovation of enterprises.Further research shows that the promotion effect of digital transformation on enterprise green innovation is more obvious in the samples with poorer information transmission environment and weaker information use environment.Finally,this paper finds that digital transformation can improve the future financial performance of enterprises by promoting green innovation.The academic contributions of this paper include:(1)Existing studies on the impact of digital transformation on green innovation are mainly based on the perspective of the regional digital economy.This paper broadens the research on the economic consequences of the digital economy from the micro-level—enterprise digital transformation;(2)From the perspective of dual effects of information,it reveals the mechanism of enterprise digital transformation on green innovation,and enriches the research on the relationship between enterprise digital transformation and green innovation;(3)This paper examines the promoting effect of information on green innovation from the perspective of external stakeholders that makes up for the lack of relevant literature on the driving mechanism of green innovation in China.