摘要：在数字经济与“双碳”目标深度融合的背景下，如何通过新型数字基础设施建设激发企业绿色创新，是学术界与政策界共同关注的重要议题。本文突破传统环境规制的视角，将国家绿色数据中心试点视为一项“绿色数字基础设施”建设冲击，基于2011—2023年沪深A股上市公司数据，运用多期双重差分模型考察了其对企业绿色创新的影响效应与作用机制。研究发现，国家绿色数据中心试点显著促进企业绿色创新，该结论在一系列稳健性检验后依然成立。机制分析表明，该政策通过提升企业数据要素利用水平、优化信息披露质量和缓解融资约束三条路径促进企业绿色创新。异质性分析表明，政策促进效应在东部地区企业、国有企业、绿色投资者关注度较高的企业及ESG表现好的企业中更为明显。这一发现揭示了数字基础设施作为一种新的生产要素配置方式，在驱动绿色技术变革中的关键作用。研究不仅从“数绿融合”的视角拓展了绿色创新驱动因素的研究，也为政府协同推进数字基建与绿色转型、构建现代化产业体系提供了决策参考。
关键词：国家绿色数据中心；企业绿色创新；数字基础设施；数据要素
How Does New Digital Infrastructure Drive Corporate Green Innovation: Evidence from the National Green Data Center Pilot Program
Xia Zhe, Cheng Yurui, An Nan
Abstract：Against the backdrop of the deep integration of China’s digital economy and its Dual Carbon (carbon peaking and carbon neutrality) goals, how to stimulate corporate green innovation through the construction of new digital infrastructure has become a core issue of common concern in both academic and policy circles. Departing from the traditional perspective of environmental regulation, this study regards the National Green Data Center Pilot Program as a construction shock of green digital infrastructure. Based on the data of Shanghai and Shenzhen A-share listed companies from 2011 to 2023, this paper uses a time-varying difference-in-differences (DID) model to examine its impact on corporate green innovation, as well as the underlying mechanisms and heterogeneous effects. The study finds that the National Green Data Center Pilot Program significantly promotes corporate green innovation, and this conclusion still holds after a series of robustness tests. Mechanism analysis reveals that the policy boosts corporate green innovation through three channels: improving firms’ utilization of data factors, enhancing the quality of corporate information disclosure, and alleviating financing constraints. Heterogeneity analysis indicates that the promotional effect of the policy is more pronounced among enterprises located in eastern regions, state-owned enterprises, firms drawing high attention from green investors, and enterprises with sound ESG performance. This finding reveals the critical role of digital infrastructure, as a new allocation mode of production factors, in driving green technological change.This study not only expands the research on the driving factors of green innovation from the perspective of digital-green integration, but also provides decision-making references for the government to coordinate the advancement of digital infrastructure and green transformation, and build a modern industrial system.
Keywords: National Green Data Center; Corporate Green Innovation; Digital Infrastructure; Data Factors
