Digital-intelligent transformation and“Dual Improvement”of corporate green innovation quantity and quality: Evidence from China

Digital-intelligent transformation (DIT) is an inevitable option to realize the deep integration of digital economy and real economy, as well as promote the high-quality and sustainable development of enterprises. However, the specific impacts and potential mechanisms of digital transformation have not been fully explored. Based on the micro data of Chinese listed companies from 2010 to 2023, this study applies the fixed-effects model to systematically investigate the impact and internal mechanism of DIT on corporate green innovation (CGI). The regression results show that digital transformation not only significantly improves the overall level of green innovation activities in enterprises but also positively promotes the quantity and quality of their green innovation. The mechanism test finds that enhancing the level of factor allocation, reducing the capability of financing constraints, and improving the ESG performance of enterprises are the main paths through which DIT affects green innovation in enterprises. Heterogeneity analysis finds that the promotion effect of digital transformation on CGI is more significant in eastern and western regions, firms with low environmental regulatory intensity, state-owned enterprises, and technology- and labor-intensive enterprises. This study provides useful guidance for firms and policymakers seeking to use DIT to effectively drive green innovation.