政策风险下的战略选择：气候政策不确定性如何影响企业数字化转型？
Strategic Choices under Policy Risks: How Does Climate Policy Uncertainty Affect Enterprise Digital Transformation?
DOI: 10.12677/ecl.2026.155575, PDF,    科研立项经费支持
作者: 倪嘉怡, 刘雅涵：江苏大学财经学院，江苏 镇江；郁思宸：重庆交通大学经济与管理学院，重庆；朱 喆：苏州科技大学商学院，江苏 苏州
关键词: 气候政策不确定性；数字化转型；创新韧性；融资约束；Climate Policy Uncertainty； Digital Transformation； Innovation Resilience； Financing Constraints
摘要: 在全球气候变化治理持续深化的背景下，气候政策的频繁调整已成为企业生产经营不可忽视的外部制度环境，而在政策引导下，数字化转型日益成为企业塑造核心竞争优势的关键路径。因此，本文以2006~2022年沪深A股上市公司为研究样本，实证考察了气候政策不确定性与企业数字化转型之间的关系。研究结果表明，气候政策不确定性显著提升了企业数字化转型的进程。这一结论在各类稳健性检验中依然成立。异质性分析发现，气候政策不确定性对企业数字化转型的推动效应会倒逼高耗能行业转型升级，使技术密集型行业加大科研和创新能力，且在东中部地区较为显著。此外，调节效应检验结果表明，创新韧性发挥了正向调节作用，即较高的创新韧性能够强化气候政策不确定性对数字化转型的影响。而融资约束则产生了负向调节效应，较高的融资约束会削弱这一促进作用。本研究有利于科学评价气候政策对企业数字化转型的影响，为新发展格局下政府优化气候政策制定、企业借助数字化转型提升战略韧性提供了重要的实践启示。
Abstract: Against the backdrop of deepening global climate change governance, frequent adjustments to climate policies have become an unavoidable external institutional environment for enterprise production and operation. Under policy guidance, digital transformation has increasingly emerged as a key pathway for enterprises to shape their core competitive advantages. Therefore, using A-share listed companies on the Shanghai and Shenzhen stock exchanges from 2006 to 2022 as the research sample, this paper empirically examines the relationship between climate policy uncertainty and corporate digital transformation. The results show that climate policy uncertainty significantly accelerates the process of corporate digital transformation. This conclusion holds true in various robustness tests. Heterogeneity analysis reveals that the driving effect of climate policy uncertainty on enterprise digital transformation forces high-energy-consuming industries to transform and upgrade, and enables technology-intensive industries to increase their R&D and innovation capabilities, which is more significant in the eastern and central regions. Furthermore, the moderating effect test results show that innovation resilience plays a positive moderating role, meaning that higher innovation resilience can strengthen the impact of climate policy uncertainty on digital transformation. However, financing constraints have a negative moderating effect; higher financing constraints weaken this promoting effect. This study contributes to the scientific evaluation of the impact of climate policies on corporate digital transformation and provides important practical insights for governments to optimize climate policy formulation and for enterprises to enhance strategic resilience through digital transformation under the new development paradigm.
文章引用：倪嘉怡, 郁思宸, 朱喆, 刘雅涵. 政策风险下的战略选择：气候政策不确定性如何影响企业数字化转型？[J]. 电子商务评论, 2026, 15(5): 767-776. https://doi.org/10.12677/ecl.2026.155575

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