Digital Transformation and Green Investment of Heavily Polluting Enterprises: The Threshold Effects of Heterogeneous Environmental Regulations

IF 4.6 3区管理学 Q1 BUSINESS

IEEE Transactions on Engineering Management Pub Date : 2024-09-03 DOI:10.1109/TEM.2024.3453961

Boqiang Lin;Aochen Sun;Yongjing Xie

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引用次数: 0

Abstract

Green investment is an effective way for heavily polluting enterprises to balance business and sustainable development goals. With digital transformation bringing profound changes to enterprises in the digital economy era, whether digital transformation may drive green investment in heavily polluting enterprises is still not thoroughly studied, and the role of various types of environmental regulations in this impact has been neglected. Therefore, utilizing panel data from 435 Chinese listed heavily polluting enterprises from 2011 to 2021, this study investigated the impact of digital transformation on green investment and examined the threshold effects of environmental regulations in this relationship. The findings reveal that: 1) digital transformation significantly promotes the green investment of heavily polluting enterprises and indirectly fosters green investment by alleviating financing constraints; 2) there exists a nonlinear impact of digital transformation on green investment depending on the type of environmental regulation. When command-control environmental regulation intensity exceeds the threshold, the contribution of digital transformation to green investment is amplified. When incentive-based environmental regulation exceeds the threshold, the contribution of digital transformation to green investment weakens; and 3) the heterogeneity analysis suggests that for small and medium-sized, key monitored, and well-controlled heavily polluting enterprises, the positive effect of digital transformation on green investment is particularly prominent. Based on these conclusions, we proposed targeted managerial and policy implications.

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数字化转型与重污染企业的绿色投资：异质环境法规的阈值效应

绿色投资是重污染企业平衡经营与可持续发展目标的有效途径。在数字经济时代，数字化转型给企业带来了深刻变化，但数字化转型是否会带动重污染企业的绿色投资，目前还没有深入研究，各类环境规制在其中的作用也被忽视。因此，本研究利用 2011 年至 2021 年 435 家中国上市重污染企业的面板数据，研究了数字化转型对绿色投资的影响，并考察了环境规制在这一关系中的门槛效应。研究结果表明1）数字化转型能明显促进重污染企业的绿色投资，并通过缓解融资约束间接促进绿色投资；2）数字化转型对绿色投资存在非线性影响，这取决于环境规制的类型。当命令控制型环境规制强度超过临界值时，数字化转型对绿色投资的贡献被放大。3）异质性分析表明，对于中小型企业、重点监控企业和控制良好的重污染企业，数字化转型对绿色投资的积极影响尤为突出。基于上述结论，我们提出了有针对性的管理和政策启示。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

IEEE Transactions on Engineering Management 管理科学-工程：工业

CiteScore

10.30

自引率

19.00%

发文量

604

审稿时长

5.3 months

期刊介绍： Management of technical functions such as research, development, and engineering in industry, government, university, and other settings. Emphasis is on studies carried on within an organization to help in decision making or policy formation for RD&E.