摘要：数字化转型是推动经济社会发展全面绿色转型的破局之道。本文聚焦以上市公司为母公司的企业集团网络，考察上市公司数字化转型对子公司碳排放的影响和作用机制。基准结果显示，上市公司数字化转型显著抑制了子公司碳排放，企业集团网络存在降碳溢出效应，这一结论在一系列稳健性检验后依然成立。机制分析表明，上市公司数字化转型通过推动决策配置权下移、促进子公司绿色技术创新而实现子公司碳减排。异质性分析表明，母公司旗下子公司数量更多、母公司所在地对新质生产力关注度更高，其数字化转型的溢出效应更显著，而且，对大规模、非出口型和战略性新兴产业的子公司碳减排更加显著。进一步研究发现，上市公司数字化转型对子公司碳减排并未受到地理距离的显著影响，还能推动子公司实现降碳减污协同效用。本文丰富了关于数字化转型溢出效应的研究，对推动数字化绿色化协同转型发展、积极稳妥推进碳达峰碳中和提供了重要的政策参考和启示。
关键词：数字化转型；碳排放；决策配置权；绿色技术创新；新质生产力
Digital Transformation of Listed Companies, Enterprise Group Networks and Subsidiary Carbon Emissions
Tu Xiwei, Zhang Pingdan
Abstract: Digital transformation is a major driving force for green development and transformation of the economy and society. Focusing on enterprise groups with listed companies as parent companies, this paper examines the impact and mechanism of listed companies' digital transformation on subsidiaries' carbon emissions. Benchmarking results show that listed companies' digital transformation significantly suppresses subsidiaries' carbon emissions, and there is a carbon-reducing spillover effect in the network of conglomerates, which still holds after a series of robustness tests. The mechanism analysis shows that the digital transformation of listed companies drives subsidiaries to achieve carbon emission reduction by promoting the downward shift of decision-making allocation power and facilitating green technology innovation of subsidiaries. Heterogeneity analysis shows that the spillover effect of digital transformation is more significant when the number of subsidiaries under the parent company is larger and the location of the parent company pays more attention to the new quality productivity, and the effect of listed company's digital transformation on carbon emission reduction of subsidiaries in large-scale, non-exporting and strategic emerging industries is more significant. It is further found that the carbon reduction effect of listed companies' digital transformation on their subsidiaries is not significantly affected by spatial and geographical distance, and that this transformation promotes subsidiaries to realize the synergies of pollution reduction and carbon reduction. This paper enriches the research on the spillover effects of digital transformation, and provides important policy references and insights for promoting the development of digital greening and synergistic transformation of enterprises, as well as actively and steadily advancing the goal of carbon peaking and carbon neutrality.
Keywords: Digital Transformation, Carbon Emission, Decision-Making Allocation Right, Green Technology Innovation, New Quality Productivity
