A Study on the Impact of Digital Transformation on Corporate Green Total Factor Productivity

As modern business operations increasingly merge with digital innovations, executing digital transformation has become a critical pathway for corporations seeking to foster eco-friendly and sustainable development. Utilizing a comprehensive panel dataset of Shanghai and Shenzhen A-share listed enterprises from 2014 to 2024, this paper empirically investigates how digitalization affects corporate green total factor productivity (GTFP) and analyzes its internal transmission pathways. The empirical analysis yields several key findings: (1) Integrating digital technologies significantly improves corporate GTFP, acting as an essential driver for sustainable operational efficiency. (2) Mediation analysis demonstrates that digitalization primarily enhances green productivity by streamlining internal resource distribution and lowering administrative overhead. (3) Moderation analysis shows that capital concentration exerts a positive moderating influence on this relationship, indicating that solid financial resources help maximize these environmental benefits. (4) Heterogeneity tests reveal that the positive influence of digital transformation on GTFP is more prominent for enterprises in non-heavy-polluting industries and those situated in the economically developed eastern regions. Collectively, these results enrich the theoretical literature at the intersection of digital economics and green development, offering empirical evidence and practical policy suggestions for companies aiming to leverage digital tools for high-quality, sustainable growth.