Influence of Digital Transformation on Green Innovation of Enterprises

Based on the panel data of China’s A-share listed enterprises from 2013 to 2022, this paper discusses the impact of digital transformation on green innovation of enterprises and its mechanism, and investigates the regulatory effect of financing constraints. The findings are as follows: firstly, digital transformation can significantly promote the green innovation of enterprises, which is embodied in enhancing the green innovation ability of enterprises by improving the level of knowledge sharing and reducing the risk of R&D; Secondly, financing constraints have a significant negative regulatory effect on the relationship between digital transformation and green innovation, that is, in the face of higher financing constraints, the promotion of digital transformation to green innovation will be weakened; Thirdly, the heterogeneity analysis shows that the digital transformation of mature enterprises and state-owned enterprises has a stronger role in promoting green innovation. Therefore, enterprises can effectively and continuously promote the process of green innovation by using digital transformation, but it is affected by the property right nature and the age of enterprises. The government should focus on improving the financing environment and relaxing the financing constraints, at the same time, actively take advantage of the state-owned enterprises to concentrate on major events, take the lead in green innovation, and at the same time, use state-owned enterprises to drive green innovation of non-state-owned enterprises, so as to maximize the effect of digital empowerment of enterprises and improve the overall level of green innovation in the country