Under the double pressure of economic downturn and climate deterioration, the Chinese government needs to use the “double carbon” policy to drive the green transformation of the manufacturing industry. This article takes A-share manufacturing listed companies as the research object, constructs the enterprise digital economy investment index by text analysis and expert scoring method, and represents the degree of green transformation by enterprise green total factor productivity. At the theoretical level, the impact mechanism of the digital economy empowering green transformation in the manufacturing industry is hypothesized. The relevant hypotheses were tested through econometric empirical evidence, and the econometric model significantly passed the robustness test, proving that the digital economy empowers the development of green transformation in the manufacturing industry significantly. This article reveals that the digital economy promotes the green total factor productivity of enterprises by enhancing their innovation capability, improving the efficiency of production factor flow, and increasing their emission costs, but the factor intensity and the nature of enterprise owners will have different effects on the green transformation of the manufacturing industry enabled by the digital economy. This article explores the internal mechanism of green transformation development in the digital economy-enabled manufacturing industry and provides empirical evidence for enterprises to formulate development strategies and for governments to issue guiding policies.
WangQZhangFLiR. Revisiting the environmental kuznets curve hypothesis in 208 counties: the roles of trade openness, human capital, renewable energy and natural resource rent. Environ Res2023; 216: 114637.
3.
ZdrazilPKraftovaI. The determinants of competitive advantage for Europe regions: digital economy at the start of the fourth industrial revolution. Ekon Cas2022; 70: 450–471.
4.
WaibelMWSteenkampLPMolokoN, et al.Investigating the effects of smart production systems on sustainability elements. In: SeligerGKohlHOosthuizenGA (eds) 14th global conference on sustainable manufacturing. Amsterdam: Elsevier Science Bv, 2016, pp. 731–737.
5.
BalcerzakAPPietrzakMB. Digital economy in Visegrad countries. Multiple-criteria decision analysis at regional level in the years 2012 and 2015. J Competitiveness2017; 9: 5–18.
6.
WangQLiLLiR. Uncovering the impact of income inequality and population aging on carbon emission efficiency: an empirical analysis of 139 countries. Sci Total Environ2023; 857: 159508.
7.
KuznetsS. Modern economic growth: findings and reflections. Am Econ Rev1973; 63: 247–258.
8.
CPPCC website. Green transformation empowers high-quality development: a review of “promoting green development in traditional manufacturing industry in upgrading and transformation”. http://www.cppcc.gov.cn/zxww/2019/06/20/ARTI1560990042756320.shtml(accessed 12 December 2021).
9.
Chinese Government Website. Outline of the 14th five-year plan for national economic and social development of the People's Republic of China and the long-range goals for 2035. http://www.gov.cn/xinwen/2021-03/13/content_5592681.htm (accessed 19 December 2022).
10.
ChunfaLDongdongLChiZ. The mechanism of transformation and upgrading of manufacturing industry driven by digital economy - an analysis based on the industrial chain perspective. Bus Res2020; 63: 73–82.
11.
WangYLYuNYaoJJ. Mechanisms and effects of digital economy-enabled quality change in manufacturing industry: theoretical and empirical evidence based on binary margins. China Circ Econ2020; 34: 60–71.
12.
JiaoY. Digital economy-enabled manufacturing transformation: from value reshaping to value creation. Economist2020; 32: 87–94.
13.
LiaoXYangZ. Measurement of the effect of digital economy on the transformation and upgrading of manufacturing industry in the Yangtze River Delta region and the realization path. East China Econ Manage2021; 35: 22–30.
14.
QingxiangZAipingH. Digital economy empowers high quality development in the Yellow River Basin. Econ Issues2020; 42: 8–17.
15.
XiaoyunZJinyanCYikunS. Research on the synergistic development of green economy and digital economy-an empirical analysis based on modified coupling model. Price Theory Pract2021; 41: 1–4.
16.
ChengWSQianXF. Digital economy and green total factor productivity growth in Chinese industry. Explor Econ Issues2021; 42: 124–140.
17.
TapscottD. The digital economy: promise and peril in the age of network intelligence. New York: McG raw-Hill, 1996.
18.
HaoX. Research on the realization path of digital economy empowering high-quality development of Anhui manufacturing industry. Master’s Thesis, Anhui University of Finance and Economics, 2021.
19.
KimJ. Infrastructure of the digital economy: some empirical findings with the case of Korea. Technol Forecast Soc Chang2006; 73: 377–389.
20.
LiuXZKongFX. Study on the impact of digital economy development on urban green transformation in the Yangtze river economic zone: a perspective based on the “three living” space. Contemp Econ Manage2021; 43: 64–74.
21.
YueqinL. Digital economy development and cooperation in emerging countries. J Shenzhen Univ (Humanit Social Sci Ed)2017; 34: 105–108.
22.
BukhtＲHeeksＲ. Defining, conceptualising and measuring the digital economy. Int Org Res J2018; 13: 143–172.
23.
LiangpingSSuyunWJingjingW. An economic analysis from stock to flow: construction of a theoretical framework of flow economy. Acad Mon2019; 51: 50–58.
24.
ZhifanD. A study on the mechanism of digital economy driving high quality economic development: a theoretical analysis framework. Mod Econ Inq2020; 39: 85–92.
25.
De-FengZZhengZCai-ZhiS. A review of research on green economy, green development and green transformation. Ecol Econ2015; 31: 64–68.
26.
SunCTongYZouW. The evolution and a temporal-spatial difference analysis of green development in China. Sust Cities Soc2018; 41: 52–61.
27.
PingL. Research on green transformation of Chinese industry. China Ind Econ2011; 29: 5–14.
28.
OspanovaAPopovychenkoIChuprinaE. Green economy - vector of sustainable development.Probl Ekorozw2022; 17: 171–181.
29.
KasztelanA. Green growth, green economy and sustainable development: terminological and relational discourse. Prague Econ Pap2017; 26: 487–499.
30.
ZhaoAChunyouW. Systematic evaluation of China’s economic green transformation dynamics - based on entropy-OWA operator with grey correlation improved TOPSIS. Technoeconomics2018; 37: 99–106.
31.
QingyuanXZhigangSChaojiangM. A review of domestic and international research on digital economy measurement index system. Res World2018; 31: 52–58.
32.
ParkP-WZhangY. The digital economy, the declining demographic dividend, and the rights of low- and middle-skilled workers. Econ Res2021; 56: 91–108.
33.
StavytskyyAKharlamovaGStoicaEA. The analysis of the digital economy and society index in the EU. TalTech J Eur Stud2019; 9: 245–261.
34.
LiuJYangYZhangS. A study on the measurement and drivers of China’s digital economy. Shanghai Econ Res2020; 39: 81–96.
35.
ZhaoTZhangZShangkunL. Digital economy, entrepreneurial activity and high quality development - empirical evidence from Chinese cities. Manage World2020; 36: 65–76.
36.
MilosevicNDobrotaMRakocevicSB. Digital economy in Europe: evaluation of countries’ performances. Zb Rad Ekon Fak Rijeci2018; 36: 861–880.
37.
JunWZhijunYYuC. Digital economy and the improvement of regional innovation capacity. Explor Econ Issues2019; 40: 112–124.
38.
ZhaoYZhouY. Measurement method and application of a deep learning digital economy scale based on a big data cloud platform. J Organ End User Comput2022; 34: 1–17.
39.
ChenZWeiYShiK, et al.The potential of nighttime light remote sensing data to evaluate the development of digital economy: a case study of China at the city level. Comput Environ Urban Syst2022; 92: 101749.
40.
YanqiuWNailianHYiquanS. Evaluation of green transformation capacity of resource-based cities in China. Technol Econ2012; 31: 72–76.
41.
LuQWuQHZhouYZ, et al.Study on the evaluation of industrial green transformation and upgrading in Guangdong Province. China Popul Resour Environ2013; 23: 34–41.
42.
Gedminaitė-RaudonėŽLankauskienėRSimonaitytėV. Pathway to green transformation in Lithuania: biogas production from manure and waste. Energies2022; 15: 2989.
43.
ChebaKBakISzopik-DepczynskaK, et al.Directions of green transformation of the European Union countries. Ecol Indic2022; 136: 108601.
44.
WangQWangLLiR. Trade protectionism jeopardizes carbon neutrality - decoupling and breakpoints roles of trade openness. Sustainable Prod Consumption2023; 35: 201–215.
45.
AmundsenHHermansenEAT. Green transformation is a boundary object: an analysis of conceptualisation of transformation in Norwegian primary industries. Environ Plan E-Nat Space2021; 4: 864–885.
46.
ZhuBXuanyaS. Comprehensive evaluation and strategic analysis of green transformation of regional industries--Fujian Province as an example. Ecol Econ2016; 32: 100–105.
47.
HongfeiYYingXLinW. An empirical analysis of technological innovation approach selection and green transformation of Chinese industry. China Popul Resour Environ2017; 27: 196–206.
48.
WeizhongFYaoL. Study on the coupling and coordination of industrial digitalization and high quality development of manufacturing industry - an empirical analysis based on the Yangtze River Delta region. East China Econ Manage2021; 35: 19–29.
49.
WangHJLiJZhangSB. Green total factor productivity measurement and influencing factors in the Yellow River Basin manufacturing industry. Fujian Forum (Humanit Social Sci Ed)2021: 127–139.
50.
ZhangFSongXNADongHZ. The driving mechanism of resource endowment on green transformation and upgrading of manufacturing industry - an explanation based on spatial Durbin model.East China Econ Manage2019; 33: 111–119.
51.
LiRWangQLiuY, et al.Per-capita carbon emissions in 147 countries: the effect of economic, energy, social, and trade structural changes. Sustainable Prod Consumption2021; 27: 1149–1164.
52.
HaishiLYuxinTWenjieL. Internet thinking and traditional enterprise reengineering. China Ind Econ2014; 32: 135–146.
53.
Does the development of the internet contribute to air pollution control in China? Mechanism discussion and empirical test. Struct Change Econ Dyn2021; 56: 207–224.
54.
ZhangWZhouHChenJ, et al.An empirical analysis of the impact of digital economy on manufacturing green and low-carbon transformation under the dual-carbon background in China. Int J Environ Res Public Health2022; 19: 13192.
55.
Martínez-CaroECegarra-NavarroJGAlfonso-RuizFJ. Digital technologies and firm performance: the role of digital organisational culture. Technol Forecast Soc Change2020; 154: 119962.
56.
XunZGuanghuaWJiajiaZ, et al.Digital economy, inclusive finance and inclusive growth.Econ Res2019; 54: 71–86.
57.
KimS-KHuhJ-H. Blockchain of carbon trading for UN sustainable development goals. Sustainability2020; 12: 1–32.
58.
LevinsohnJPetrinA. Estimating production functions using inputs to control for unobservables. Rev Econ Stud2003; 70: 317–341.
59.
ZhaoC-YWangW-CLiX-S. How digital transformation affects firms’ total factor productivity. Finance Trade Econ2021; 42: 114–129.
60.
MengQBYangJHLuB. Information content of management discussion and analysis disclosure and stock price collapse risk - a study based on text vector quantification method. China Ind Econ2017; 35: 132–150.
61.
ArellanoMBondS. Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. Rev Econ Stud1991; 58: 277–297.
62.
ShuguangXJieY. Do executive equity incentives promote corporate upgrading-empirical evidence from Chinese listed companies. Nankai Manage Rev2018; 21: 66–75.
