Xinyu Fu and Yanting Xu*

School of Economics and Statistics, Guangzhou University, Guangzhou 510006, China

* Correspondence:   Email: 1112364006@e.gzhu.edu.cn.

Abstract:   Digital technology promotes the dual transformation of enterprise digitization and greenization, thereby promoting the synergistic efficiency between the digital economy and the green economy. This paper collected financial data from 2010 to 2021 from Chinese listed companies on the Shanghai and Shenzhen stock exchanges. Through an in-depth semantic analysis of textual data, the study constructed an index to measure the level of enterprise digitization. Utilizing panel data models, the paper explored the impact of digital technology on enterprise green innovation and its mechanisms from the perspectives of quality and quantity. The research findings are as follows: (1) Digital technology significantly enhances the capability of enterprises for green innovation, with an emphasis on quality rather than quantity; (2) digital technology effectively alleviates financing constraints and information constraints, thereby enhancing the level of enterprise green innovation, but the former’s effect is limited to small and medium-sized enterprises; (3) the “quality over quantity” effect of digital technology on enterprise green innovation is more pronounced in state-owned enterprises, non-heavy polluting industries, and enterprises located in regions with moderate to low levels of economic development.

Keywords:  digital technology; green innovation; text mining; financing constraints; information constraints

JEL Codes: C1, C33, Q56

1. Introduction

Digitalization has become the main driving force for the green transformation and high-quality development of enterprises. Currently, China’s economic development is shifting from “high-carbon growth” to “green development” and from “quantity catch-up” to “quality catch-up”. A series of emerging information technologies such as cloud computing and artificial intelligence, which are based on the Internet, play an important role in achieving economic growth, industrial transformation and upgrading, and reducing environmental pollution (Bhattacharya, 2023)......

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