Evaluating the impact of digital technologies on energy efficiency: Evidence from Chinese publicly listed companies

This study aims to evaluate the impact of digital technology adoption on energy efficiency in China's publicly listed industrial firms. It employs text mining techniques and a difference-in-differences model to conduct the evaluation. The empirical analysis quantifies a 52.69 % reduction in energy intensity for firms adopting digital technologies. The short-term effect of adopting digital technologies is the most obvious, but the effect gradually diminishes over time due to the lack of core technologies and the energy rebound effect. Energy efficiency improvements are driven by reductions in energy consumption and increases in total factor productivity. There are significant regional differences in the adoption of digital technologies, with firms in Eastern China benefiting more, mainly due to higher levels of productivity and resource optimization. Spatial analysis further shows firms in low-energy-intensity provinces benefit from digital adoption, while those in high-energy-intensity provinces have no significant effects despite spatial spillovers. These results underscore the importance of fostering synergies between digital technology adoption and carbon reduction, advancing energy-saving technologies, and tailoring policies to regional contexts to maximize benefits. Additionally, balancing environmental regulations with market mechanisms and providing incentives for technological innovation are critical for promoting widespread adoption of digital technologies to enhance energy efficiency.