数字化转型与企业绿色全要素生产率——基于A股上市公司的证据

Digital Transformation and Corporate Green Total Factor Productivity—Evidence from A-Share Listed Companies

摘要: 在全球数字化与绿色化协同转型背景下，本文基于2012~2022年中国上市公司数据，结合年报文本分析与计量建模，系统探究数字化转型对企业绿色全要素生产率(EGtfp)的影响机制。突破传统线性假设，基于自然语言处理构建企业数字化指数，结合动态面板与门槛回归捕捉非线性关系。研究发现：1) 数字化转型显著促进EGtfp提升，但动态面板显示短期效应强于长期，初期资源挤占效应可能抑制持续增效；2) 绿色技术创新与资源配置优化是核心传导路径，对总效应具有显著的中介作用；3) 绿色战略行为显著放大数字化环境效益，政策引导可显著放大环境溢价；4) 数字化转型与EGtfp呈现U型关系，需跨越研发投入门槛方能释放跃升效应；5) 效应存在区域与企业内外部异质性，东部地区、国有企业、非高科技企业及环境规制压力较大的企业受益更显著。本研究创新性提出“数字化–绿色战略–环境绩效”协同框架，为政府分层施策与企业动态适配提供理论支撑，强调数字化转型需兼顾短期激励与长期资源优化，以实现绿色效率的阶梯式提升。

Abstract: Against the backdrop of global synergistic digital and green transformation, this study systematically explores the impact mechanism of digital transformation on corporate green total factor productivity (EGtfp) using data from Chinese listed companies spanning 2012~2022, combined with annual report text analysis and econometric modeling. Breaking away from traditional linear assumptions, it constructs a corporate digital index via natural language processing and captures non-linear relationships through dynamic panel and threshold regression methods. The findings reveal: 1) Digital transformation significantly promotes EGtfp, with stronger short-term effects than long-term ones, as initial resource crowding may hinder sustained efficiency gains; 2) Green technological innovation and optimized resource allocation serve as core transmission paths with significant mediating effects; 3) Green strategic behaviors significantly amplify the environmental benefits of digitalization, while policy guidance enhances environmental premiums; 4) There is a U-shaped relationship between digital transformation and EGtfp, requiring crossing an R&D investment threshold to unlock leapfrog effects; 5) Heterogeneity exists across regions and enterprises, with more pronounced benefits for eastern regions, state-owned enterprises, non-high-tech enterprises, and those under greater environmental regulatory pressure. This study innovatively proposes a “digitalization-green strategy-environmental performance” collaborative framework, providing theoretical support for governments’ hierarchical policies and enterprises’ dynamic adaptation. It emphasizes that digital transformation must balance short-term incentives and long-term resource optimization to achieve step-by-step improvements in green efficiency.