IDEAS home Printed from https://ideas.repec.org/a/eee/finlet/v79y2025ics1544612325006105.html

Regional digital–green synergy transformation and enterprise new quality productive forces

Author

Listed:
  • Shan, Zidan
  • Han, Xiangyu
  • Huang, Dou
  • Xu, Guang

Abstract

New quality productive forces (NQPF) serve as a crucial catalyst for contemporary societal advancement, facilitating high-efficiency and high-quality development through technological innovation and transformation of production models. Herein, this study examines the potential regional synergy between digitization and greenization in facilitating NQPF development and promoting high-quality growth. Utilizing the resource-based view, this study employs 2011–2021 provincial panel data alongside data from China A-share listed companies to develop a “regional dualization synergy and enterprise NQPF” research model. Through a theoretical analysis and empirical testing, regional dualization synergy is found to substantially enhance enterprise NQPF. Results indicate that regional dualization synergy can substantially enhance enterprise NQPF. Heterogeneity analysis shows that nonstate-owned enterprises exhibit a more pronounced response to variations in dualization synergy than state-owned enterprises. Meanwhile, nonhigh-tech industries are less affected by regional dualization synergy and demonstrate new quality inertia than high-tech industries. This study offers a theoretical framework and enhances empirical research pertinent to the advancement of high-quality development via digital ecological civilization.

Suggested Citation

  • Shan, Zidan & Han, Xiangyu & Huang, Dou & Xu, Guang, 2025. "Regional digital–green synergy transformation and enterprise new quality productive forces," Finance Research Letters, Elsevier, vol. 79(C).
    • Handle: RePEc:eee:finlet:v:79:y:2025:i:c:s1544612325006105
    DOI: 10.1016/j.frl.2025.107349
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S1544612325006105
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.frl.2025.107349?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to

    for a different version of it.

    References listed on IDEAS

    as
    1. Mai, Yirui & Yu, Kaidong & Zhang, Xuan, 2024. "Enhancing corporate carbon performance through green innovation and digital transformation: Evidence from China," International Review of Economics & Finance, Elsevier, vol. 96(PB).
    2. Zhang, Yong & Jia, Daizheng, 2025. "The impact of inclusive finance and education investment on new quality productivity: The nonlinear mediating effect of education development," Finance Research Letters, Elsevier, vol. 77(C).
    3. Song, Yan & Zhang, Xiao & Zhang, Ming, 2021. "The influence of environmental regulation on industrial structure upgrading: Based on the strategic interaction behavior of environmental regulation among local governments," Technological Forecasting and Social Change, Elsevier, vol. 170(C).
    4. Zhenyu Jiang & Zongjun Wang & Yanqi Zeng, 2020. "Can voluntary environmental regulation promote corporate technological innovation?," Business Strategy and the Environment, Wiley Blackwell, vol. 29(2), pages 390-406, February.
    5. Zhang, Yujin & Ye, Shujun & Liu, Jie & Zhang, Lulu & Li, Jiayi, 2025. "Can digital transformation of commercial banks reduce green credit risks?," International Review of Financial Analysis, Elsevier, vol. 99(C).
    6. Chen, Xiaoqing & Liu, Xinwang & Zhu, Qingyuan, 2022. "Comparative analysis of total factor productivity in China's high-tech industries," Technological Forecasting and Social Change, Elsevier, vol. 175(C).
    7. Zhang, Wenqiu & Zhao, Junli & Li, Hao & Chen, Shuilin, 2024. "Does digital transformation empower green innovation? Evidence from listed companies in heavily polluting industries in China," Finance Research Letters, Elsevier, vol. 66(C).
    8. Lee, Chien-Chiang & He, Zhi-Wen & Yuan, Zihao, 2023. "A pathway to sustainable development: Digitization and green productivity," Energy Economics, Elsevier, vol. 124(C).
    9. Zhu, Xiang & Chen, Hongtao & Xiang, Erwei & Qi, Yingjin, 2025. "Digital transformation and corporate green technology transfer: The moderating effect of executive green cognition," Finance Research Letters, Elsevier, vol. 76(C).
    10. Luo, Qi & Deng, Lisha & Zhang, Zeming & Wang, Hao, 2025. "The impact of digital transformation on green innovation: Novel evidence from firm resilience perspective," Finance Research Letters, Elsevier, vol. 74(C).
    11. Verhoef, Peter C. & Broekhuizen, Thijs & Bart, Yakov & Bhattacharya, Abhi & Qi Dong, John & Fabian, Nicolai & Haenlein, Michael, 2021. "Digital transformation: A multidisciplinary reflection and research agenda," Journal of Business Research, Elsevier, vol. 122(C), pages 889-901.
    12. Xuchao Li & Jing Zhao & Ruomeng Yang, 2024. "Service liberalization and productivity in high‐tech firms: Evidence from China," Review of International Economics, Wiley Blackwell, vol. 32(4), pages 1607-1644, September.
    13. Lisi Tan & Zhuodong Yang & Muhammad Irfan & Chante Jian Ding & Mingjun Hu & Jin Hu, 2024. "Toward low‐carbon sustainable development: Exploring the impact of digital economy development and industrial restructuring," Business Strategy and the Environment, Wiley Blackwell, vol. 33(3), pages 2159-2172, March.
    14. Liu, Yi & He, Zhengchu, 2024. "Synergistic industrial agglomeration, new quality productive forces and high-quality development of the manufacturing industry," International Review of Economics & Finance, Elsevier, vol. 94(C).
    15. Elitsa R Banalieva & Charles Dhanaraj, 2019. "Internalization theory for the digital economy," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 50(8), pages 1372-1387, October.
    16. Curi, Claudia & Mancuso, Paolo & Scarpa, Alessandro, 2025. "State-owned enterprises: A bibliometric review and research agenda," Finance Research Letters, Elsevier, vol. 74(C).
    17. Tang, Maogang & Liu, Yinlin & Hu, Fengxia & Wu, Baijun, 2023. "Effect of digital transformation on enterprises' green innovation: Empirical evidence from listed companies in China," Energy Economics, Elsevier, vol. 128(C).
    18. Wang, Jiabin & Qiao, Li & Zhu, Guofen & Di, Kaisheng & Zhang, Xihui, 2025. "Research on the driving factors and impact mechanisms of green new quality productive forces in high-tech retail enterprises under China's Dual Carbon Goals," Journal of Retailing and Consumer Services, Elsevier, vol. 82(C).
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Fan, Zhenqi & Cui, Jie & Wu, Wenjing, 2026. "Spatial spillover effect of green credit on carbon emission intensity in China: The role of high-quality productive forces," Economic Modelling, Elsevier, vol. 154(C).
    2. Zhang, Hanbin & Chen, Yi, 2025. "The role of new quality productivity in driving China's green economic growth," International Review of Economics & Finance, Elsevier, vol. 102(C).
    3. Pan, Xiaoping & Zhang, Jiahui & Huang, Xianjing, 2025. "How bank FinTech facilitates firm-level new quality productive forces," Finance Research Letters, Elsevier, vol. 85(PE).
    4. Meijuan Hu & Yunchi Zhang & Peng Chen & Zaijun Li, 2025. "The synergistic effects of the digital economy and industrial ecologization on eco-urbanization in the Yangtze River Delta urban agglomeration," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 12(1), pages 1-23, December.
    5. Huo, Xiuzhen & Liu, Lingfang, 2025. "Industrial convergence, market structure, and consumption upgrading," International Review of Economics & Finance, Elsevier, vol. 103(C).

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Chin, Tachia & Li, Zhisheng & Huang, Leping & Li, Xinyu, 2025. "How artificial intelligence promotes new quality productive forces of firms: A dynamic capability view," Technological Forecasting and Social Change, Elsevier, vol. 216(C).
    2. Zhang, Qianxiang & Min Du, Anna & Lin, Boqiang, 2025. "Driving total factor productivity: The spillover effect of digitalization in the new energy supply chain," Research in International Business and Finance, Elsevier, vol. 75(C).
    3. Yang, Rui & Jin, Xianglu & Huang, Wenhui & Wang, Sike, 2025. "Evolutionary game analysis of the driving mechanism for green technology innovation in enterprises: a new quality productive forces perspective," Finance Research Letters, Elsevier, vol. 85(PD).
    4. Ponzoa, José M. & Gómez, Andrés & Mas, José M., 2023. "EU27 and USA institutions in the digital ecosystem: Proposal for a digital presence measurement index," Journal of Business Research, Elsevier, vol. 154(C).
    5. Li, Fei & Zhang, Nana, 2025. "Digital transformation, innovation investment and quality," Finance Research Letters, Elsevier, vol. 75(C).
    6. Ruanzhou, Yilong & Guo, Rengui, 2025. "New quality productivity and intellectual property protection," Finance Research Letters, Elsevier, vol. 83(C).
    7. Li, Longda, 2024. "The environmental spillovers of buyers' digital transformation: Evidence from China," Technological Forecasting and Social Change, Elsevier, vol. 209(C).
    8. Wang, Lu & Chen, Lifeng & Zhong, Shengyang & Zhou, Qunmi, 2025. "How executive green perception affect high-quality growth: Evidence from Chinese listed companies," International Review of Financial Analysis, Elsevier, vol. 108(PB).
    9. Wu, Xinmei & Wu, Xinhong & Shang, Duo & Fan, Libo, 2025. "Digital transformation and firm business diversification: An inverse U-shaped relationship," Economic Analysis and Policy, Elsevier, vol. 87(C), pages 874-892.
    10. Qiao, Penghua & Chang, Ming & Zeng, Yuping, 2024. "The influence of digitalization on SMEs’ OFDI in emerging countries," Journal of Business Research, Elsevier, vol. 177(C).
    11. Ning Li & Yingchao Xu & Yunfei Xie, 2025. "How Digital Transformation Intensity Enables Persistent Green Innovation? An Empirical Study of Chinese A-Share Listed Firms," SAGE Open, , vol. 15(3), pages 21582440251, August.
    12. Zhang, Hanbin & Chen, Yi, 2025. "The role of new quality productivity in driving China's green economic growth," International Review of Economics & Finance, Elsevier, vol. 102(C).
    13. Wang, Jinpeng & Zhang, Tao, 2025. "Oil price uncertainty and corporate digital transformation: Evidence from China," Energy Economics, Elsevier, vol. 151(C).
    14. Zhang, Yong & Jia, Daizheng, 2025. "The impact of inclusive finance and education investment on new quality productivity: The nonlinear mediating effect of education development," Finance Research Letters, Elsevier, vol. 77(C).
    15. Plekhanov, Dmitry & Franke, Henrik & Netland, Torbjørn H., 2023. "Digital transformation: A review and research agenda," European Management Journal, Elsevier, vol. 41(6), pages 821-844.
    16. Bhandari, Krishna Raj & Zámborský, Peter & Ranta, Mikko & Salo, Jari, 2023. "Digitalization, internationalization, and firm performance: A resource-orchestration perspective on new OLI advantages," International Business Review, Elsevier, vol. 32(4).
    17. Xie, Yu & Wu, Desheng, 2024. "How does competition policy affect enterprise digitization? Dual perspectives of digital commitment and digital innovation," Journal of Business Research, Elsevier, vol. 178(C).
    18. Ai, Mingye & Zhang, Wei & Du, Shurong & Yu, Xiaohan & Bu, Yan, 2024. "The impact of digitalization on the green transformation of China's industrial sectors: The mediating role of green technology innovation and technological transformation," International Review of Economics & Finance, Elsevier, vol. 96(PC).
    19. Zhu, Tianqi & Zhu, Tiancheng & Zhao, Lu, 2025. "The impact of new quality productive forces on the resilience of industrial chains: The moderating role of digital finance," International Review of Economics & Finance, Elsevier, vol. 102(C).
    20. Li, Mengjie & Yuan, Nini & Du, Weijian, 2025. "Artificial intelligence and firm green innovation: empirical evidence from the application of robots in China," Economic Analysis and Policy, Elsevier, vol. 87(C), pages 2239-2253.

    More about this item

    Keywords

    ;
    ;
    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:finlet:v:79:y:2025:i:c:s1544612325006105. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/frl .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.