Abstract
Against the backdrop of a booming digital economy and green and low-carbon becoming the main theme of the times, this paper empirically explores how digital transformation affects and enhances the green innovation capability of enterprises based on the data of A-share listed companies in Shanghai and Shenzhen from 2018 to 2022. The possible mediating role of financing constraints in this process is deeply analyzed. The findings show that digital transformation significantly promotes the development of green innovation in enterprises, and this positive effect is more prominent in non-state-owned enterprises and mature enterprises. Further exploration shows that financing constraints play a partial mediating role between digital transformation and green innovation. Combining the findings, this paper makes recommendations at the enterprise and government levels, respectively: first, enterprises should actively participate in digital transformation and strive to enhance green innovation by alleviating financing constraints. Second, the government should continue to optimize the subsidy policy to provide stronger support for enterprises' green innovation, and then promote the sustainable enhancement of green innovation in the whole society.
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