The Impact Mechanism of Digital Transformation on Corporate Green Total Factor Productivity: An Analysis Based on the Moderating Effect of Government Environmental Subsidies

Based on data from Chinese listed companies between 2011 and 2022, this study explores the impact of digital transformation on corporate green total factor productivity (GTFP) and the moderating role of government environmental subsidies. The results indicate that digital transformation significantly enhances GTFP. Government environmental subsidies further amplify this positive effect by alleviating financial constraints and incentivizing green technology adoption. Heterogeneity analysis reveals that non-high-tech enterprises and firms in western China exhibit more pronounced effects, highlighting the green transformation potential of traditional industries and the demand for digital infrastructure in underdeveloped regions. This research provides empirical support for a "digital + green" policy framework and contributes to advancing corporate green transformation and sustainable development