Can Blockchain Technology Promote Green Transformation? Evidence from Chinese Listed Enterprises

In the context of the carbon neutrality vision and digital economy development, the green effects of blockchain technology (BT), a key innovation in the digital era, deserve special attention. Based on strategic choice theory, Chinese A-share listed companies have been selected as the research objects, and the impact of BT application on green transformation (GT) has been empirically tested using a difference-in-difference model. Experimental results show that (1) BT can promote the GT of enterprises. (2) The mechanism testing results indicate that alleviating financing constraints, reducing transaction costs, and minimizing executives’ short-termism are important channels through which BT affects the GT of enterprises. (3) The moderating effects indicate that capital market attention, environmental regulations intensity, and government subsidies can further amplify the role of BT in promoting GT of enterprises. The research conclusions broaden the BT application scenarios and provide theoretical support and practical reference for BT, enabling corporations to achieve sustainable development.