| Since the reform and opening up,the rapid development of China’s manufacturing industry has led to the significant improvement of national strength and the improvement of people’s living standards.However,the situation that the manufacturing industry has been highly dependent on factor input for a long time has not changed.The problems of high energy consumption,high pollution and high emission are still prominent,which is contrary to the people’s appeal for more comfortable living conditions and more beautiful living environment.In order to change the traditional concept of enterprises and help realize green development,the state has made some achievements by vigorously improving the environmental regulation.However,these exogenous mechanisms have also caused a lot of "internal injuries" to enterprises,and the momentum of China’s economic growth has also been impacted.Therefore,with the vigorous development of digital economy,it is possible to use advanced digital technologies such as blockchain to serve the real economy and help manufacturing enterprises establish an endogenous mechanism to realize green transformation.However,at present,most of the research on digital technology focuses on the financial field,or just discusses the theoretical feasibility of its integration with the manufacturing industry.Therefore,this paper takes the rise of blockchain enterprises in recent years as a quasi natural experiment,selects 93 key industrial cities covering the whole country,and sets the cities that breed the blockchain enterprises as the experimental group,and the other pairs of control groups,and based on the pollution data and pollution control costs from 2003 to 2017,the double difference method is used to test the impact mechanism and effect of the digital economy on the green transformation of the manufacturing industry.First of all,this paper analyzes the theory of manufacturing transformation and upgrading,and puts forward the hypothesis combined with the new situation of digital economy.On the one hand,traditional environmental regulations mainly rely on administrative orders and economic means to affect the production costs of enterprises and force them to make changes.Although this method is effective,the side effects on enterprises are also significant,and if there is pollution from the central and local governments When the demands of governance and economic development are contradictory,it is very likely that local governments will protect enterprises from falsifying data,and it is difficult to form a long-term mechanism.The development of the digital economy provides new ideas for solving this problem.The use of blockchain technology to improve the data utilization capacity of enterprises,improve the efficiency of pollution control,prevent data falsification,and prompt enterprises to form a rational expectation that future pollution data cannot be forged.This is based on the long-term economy.Companies with interest considerations will increase their willingness to make green transitions,so Hypothesis 1:Blockchain companies can help reduce pollutant emissions and pollution control costs of the manufacturing industry in the city.On the other hand,the green transformation of manufacturing enterprises must take green technological innovation,increase total factor productivity and energy efficiency as intermediary goals,reduce real pollution and reduce long-term pollution control costs.Blockchain companies are generally located in cities with a high level of Internet development and good digital economic infrastructure.On this basis,blockchain technology has further directly or indirectly improved the ability of local manufacturing companies to apply data elements,with data processing With the endorsement of capabilities,companies can easily improve their total factor productivity through multiple methods such as updating production concepts and introducing digital technologies,and realize green transformation.Therefore,hypothesis 2 is proposed:blockchain can reduce enterprise pollution emissions by improving digital total factor productivity of manufacturing industry.Secondly,this article uses the double difference method to empirically analyze the current digital technology development to promote the green transformation of the manufacturing industry,and conduct a mechanism analysis and heterogeneity test.The results show that the did regression coefficients of the SO2 emissions and pollution control costs of manufacturing companies under the static effect are both significantly negative,but the significance of the pollution control cost coefficients under the dynamic effect is obviously lagging,which shows that blockchain companies do indeed Reduce the pollution discharge and pollution control costs of the local manufacturing industry,which promotes the green transformation of the manufacturing industry,however,although the blessing of digital technology can quickly realize the transparency and traceability of corporate pollution data,forcing companies to reduce pollution emissions immediately,it takes a long time for companies to upgrade their technology,so there is a lag effect.The analysis of the mediating effect of the impact mechanism shows that blockchain companies mainly reduce pollution emissions and reduce pollution costs by improving the digital total factor productivity,energy use efficiency and green technology innovation capabilities of the manufacturing industries in their cities.In addition,the heterogeneity test found that the green effect of blockchain companies is slightly different due to the impact of corporate ownership,industrial structure,and energy consumption per unit of GDP.In general,state-owned blockchain companies have performed better in terms of technology spillover and promotion of green transformation in the manufacturing industry.Urban pollution emissions and pollution control costs with a high proportion of secondary industries and high energy consumption per unit of GDP are more significant.It is because these cities have a high proportion of manufacturing industries,low levels of green technology,and greater potential for transformation.Finally,theoretical analysis and empirical tests prove that in the manufacturing industry,blockchain replaces traditional authority control and emotional trust with its technical design,and has significant advantages of openness,transparency,wide distribution,and non-tampering,forging and banning records,it can be cultivated and developed in China as a new type of endogenous environmental regulation tool,which will have an impact on environmental fraud,monitoring data distortion and other pollution discharge behaviors,and have an adverse effect on pollution control research and development,and ultimately achieve precise pollution control,scientific pollution control,and Control pollution in accordance with the law and realize the innovative and green transformation of manufacturing industry.In addition,the digital transformation of the manufacturing industry is a huge and complex system engineering,which cannot be accomplished overnight.At present,the problems of not being able to transfer,not being able to transfer and not daring to transfer due to insufficient transformation ability,high transformation cost and long period of transformation pain have been exposed during the transformation.For this reason,this article proposes that local governments should seize the opportunity of new infrastructure to introduce digital industrial policies,build urban professional blockchain platforms,vigorously support technological innovation,and encourage the common development of enterprises of different ownerships,etc.,which are important for realizing digital economic development and manufacturing transformation The "win-win" of China is of great significance.The innovations of this article are mainly reflected in:First,an interactive model that integrates state-owned enterprises,private enterprises,and regulatory agencies has been constructed at the theoretical level,and innovatively analyzed from an endogenous perspective how companies can use blockchain to improve their data resource processing capabilities.So as to promote the digital green transformation of the manufacturing industry is one of the main innovations of this article;The second is to innovatively introduce data production elements into the theoretical model.Data elements have characteristics that are significantly different from capital and labor.It is not appropriate to simply classify them as capital or labor.Therefore,this article treats them as an independent element.There is another innovation of this article;The third is to analyze the feasibility of blockchain applications from a new perspective.This article analyzes the mechanism of the manufacturing industry’s application of digital technology to complete the green transformation and upgrading from two aspects:theoretical models and empirical tests,which makes up for the deficiencies of the existing literature.The conclusions of this article provide strong credibility. |
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