科研管理

科研管理 ›› 2025, Vol. 46 ›› Issue (12): 179-189.DOI: 10.19571/j.cnki.1000-2995.2025.12.018

• 论文 • 上一篇    下一篇

数字经济发展影响重污染企业绿色创新的渠道和经济效应研究

袁华锡1，黄小洪1，袁歌骋2，隆杰3   

  1. 1.中南财经政法大学经济学院，湖北 武汉430073；
    2.中南财经政法大学金融学院，湖北 武汉430073；
    3.东北财经大学经济学院，辽宁 大连116025
  • 收稿日期:2024-02-20 修回日期:2025-02-05 接受日期:2025-02-05 出版日期:2025-12-20 发布日期:2025-12-15
  • 通讯作者: 袁华锡
  • 基金资助:
    国家自然科学基金青年项目：“产业共生集聚对中国经济高质量发展的影响机理与政策优化”（72103205，2022.01—2024.12）；湖北省教育厅哲学社会科学研究青年项目：“环境司法质量改善对企业高质量发展的影响： 理论分析与实证研究”（22Q063，2023.01—2025.12）。

Study on the channels and economic effects of digital economic development on green innovation in heavily polluting firms

Yuan Huaxi1, Huang Xiaohong1, Yuan Gecheng2, Long Jie3   

  1. 1. School of Economics, Zhongnan University of Economics and Law, Wuhan 430073, Hubei, China; 
    2. School of Finance, Zhongnan University of Economics and Law, Wuhan 430073, Hubei, China; 
    3. School of Economics, Dongbei University of Finance and Economics, Dalian 116025, Liaoning, China
  • Received:2024-02-20 Revised:2025-02-05 Accepted:2025-02-05 Online:2025-12-20 Published:2025-12-15

摘要：    绿色创新是实现经济高质量发展的关键途径，如何在数字经济时代推进重污染企业绿色创新是亟待解决的重要理论和现实难题。本文选取2011—2019年城市层面数字经济与中国沪深A股重污染上市公司的匹配数据，采用固定效应模型分析数字经济发展对重污染企业绿色创新的影响、作用渠道和经济后果。研究发现：（1）数字经济发展显著促进重污染企业绿色创新，且这一促进作用具有持续性。（2）数字经济发展通过降低企业的融资约束，激励企业增加研发和环保投入，从而促进绿色创新活动的开展。（3）政府、公众和投资者三方外部利益相关者的高度关注，增强了企业绿色转型的动力，使得数字经济发展对企业绿色创新的推动作用愈发显著。（4）数字经济发展所驱动的绿色创新不仅为重污染企业带来经济效益，而且并未增加其股价崩盘风险。本文为研究数字经济发展对重污染企业绿色创新的影响提供了新视角，也为探寻重污染企业绿色创新的提升路径提供了政策参考。

关键词: 数字经济, 绿色创新, 外部利益相关者, 重污染企业

Abstract:    Green innovation is a key means to achieve highquality economic development, and how to promote green innovation in heavily polluting enterprises in the digital economy era is an important theoretical and practical problem that urgently needs to be solved. This paper selected the matching data of urban digital economy and China′s Shanghai and Shenzhen A-share heavily polluting listed companies from 2011 to 2019, and used the fixed effect model to analyze the impact, channels and economic consequences of digital economy development on the green innovation of heavily polluting enterprises. The research found that: (1) The development of the digital economy has significantly promoted green innovation in heavily polluting enterprises, and this promotion effect is sustained. (2) The development of the digital economy reduces financing constraints, encouraging enterprises to increase investments in research and development as well as environmental protection, thereby fostering green innovation activities. (3) Further analysis showed that the high level of attention from external stakeholders, including the government, the public, and investors, has enhanced the driving force for corporate green transformation, making the development of the digital economy increasingly significant in promoting corporate green innovation. (4) The green innovation driven by the development of the digital economy not only brings economic benefits to heavily polluting enterprises, but also does not increase the risk of their stock price collapse. This paper has not only provided a new perspective for studying the impact of digital economy development on green innovation of heavily polluting enterprises, but also will provide policy references for exploring the path to enhance green innovation of heavily polluting enterprises.

Key words: digital economy, green innovation, external stakeholder, heavily polluting enterprise