How Digital Trade Enhances Enterprises’ Green Investment Efficiency? Evidence From China’s Cross-Border E-Commerce Pilot Zones

In the context of rapid digital technology development and the pursuit of “dual carbon” goals, examining whether digital trade enhances corporate green investment efficiency is of critical importance. This study uses the implementation of China’s Comprehensive Pilot Zone for Cross-Border E-Commerce policy as a quasi-natural experiment. Using panel data from A-share listed firms in heavily polluting industries and employing a staggered difference-in-differences approach, the study investigates the effect of digital trade on green investment efficiency. The empirical findings demonstrate that digital trade significantly improves firms’ green investment efficiency. This positive effect operates primarily by increasing research and development (R&D) expenditure, promoting industrial structure upgrading, and strengthening digital platform development. Furthermore, the effect is more pronounced among firms with high media visibility and superior environmental performance. The study offers important policy implications for enhancing green investment efficiency and advancing high-quality economic development.