数字化水平对制造业低碳发展的影响效应及路径研究——基于长三角A股上市公司的经验证据

Research on the Impact and Pathways of Digitalization on Low-Carbon Development in Manufacturing—Empirical Evidence from Listed Companies in the Yangtze River Delta

摘要: 基于2012~2024年长三角地区A股制造业上市公司的面板数据，本研究构建双向固定效应模型，实证检验了企业数字化水平对碳强度的影响效应及其内在传导机制。结果表明，数字化水平的提升对企业碳强度具有显著的抑制作用，证实了“数字赋能”在制造业低碳转型中的核心作用。机制检验进一步识别出三条并行路径：数字化通过促进绿色技术创新、提升全要素生产率以及缓解融资约束，共同驱动碳减排。异质性分析发现，该减排效应在国有企业、大型企业及高碳排放行业中表现更为突出。本研究为理解数字化驱动制造业绿色转型的微观机理提供了经验证据，并为实施差异化、精准化的低碳产业政策提供了决策参考。

Abstract: Based on panel data from A-share listed manufacturing companies in the Yangtze River Delta region from 2012 to 2024, this study constructs a two-way fixed-effects model to empirically test the effect of corporate digitalization level on carbon intensity and its internal transmission mechanisms. The results indicate that the enhancement of digitalization level has a significant inhibitory effect on corporate carbon intensity, confirming the core role of “digital empowerment” in the low-carbon transformation of the manufacturing industry. Mechanism testing further identifies three parallel pathways: digitalization drives carbon reduction by promoting green technological innovation, enhancing total factor productivity, and alleviating financing constraints. Heterogeneity analysis reveals that the carbon reduction effect is more pronounced in state-owned enterprises, large firms, and high-carbon-emission industries. This study provides empirical evidence for understanding the micro-mechanisms through which digitalization drives the green transformation of the manufacturing sector and offers decision-making references for implementing differentiated and targeted low-carbon industrial policies.