摘要：企业数字化、绿色化是当前经济前沿发展的两大重要方向，二者的协同转型是新阶段培育新质生产力的最新要求。本文基于2007—2023年中国沪深A股上市企业数据，构建企业数字化绿色化协同转型指数，检验其对企业全要素生产率的影响、机制和基础作用条件。研究发现，企业数字化绿色化协同转型对全要素生产率有显著的增益效果，该结论在一系列稳健性与内生性检验后依旧成立。异质性分析表明，协同转型的生产率增益在面临较高创新风险或政策不确定性感知、ESG表现更优以及管理层具备长远视野的企业中更为明显。机制检验揭示，协同转型对全要素生产率的促进路径在于改善企业内外部预期和提高资本配置效率。进一步研究发现，同行业的同群效应能够放大协同转型的生产率效果，而未发现跨行业同群水平具有显著调节作用。本文的结论有助于理解企业数字化绿色化协同转型的作用机制与边界条件，并为企业制定转型战略、推动高质量发展提供参考。
关键词：数字化绿色化协同转型；全要素生产率；同群效应
From “Overlay” to “Integration”: Synergistic Digital and Green Transformation of Enterprises and Total Factor Productivity
Xiang Hailing, RenXiaoyi, Wu Fei
Abstract: Digitalization and green transformation represent two major frontiers of contemporary economic development, and their synergistic advancement constitutes an important requirement for fostering new quality productive forces at the current stage of development. Using panel data on Chinese A-share firms listed on the Shanghai and Shenzhen stock exchanges from 2007 to 2023, this study constructs an index of corporate digital–green synergistic transformation and examines its impact on total factor productivity (TFP), the underlying mechanisms, and the boundary conditions. The results show that digital–green synergistic transformation significantly improves corporate TFP, and this finding remains robust across a range of robustness checks and methods addressing potential endogeneity. Heterogeneity analysis indicates that the productivity-enhancing effect is more pronounced among firms facing greater innovation risk or higher perceived policy uncertainty, firms with better environmental, social, and governance (ESG) performance, and firms whose management adopts a longer-term orientation. Mechanism analysis suggests that digital–green synergistic transformation improves corporate TFP by strengthening internal and external expectations and enhancing capital allocation efficiency. Further analysis shows that same-industry peer effects amplify the productivity gains from digital–green synergistic transformation, whereas no statistically significant moderating effect is detected for cross-industry peer transformation. These findings contribute to a better understanding of the mechanisms and boundary conditions through which corporate digital–green synergistic transformation affects productivity and provide practical implications for corporate transformation strategies and high-quality development.
Keywords: Digital–Green Synergistic Transformation; Total Factor Productivity; Peer Effects
