Digital Economy,Environmental Regulation And Enterprise Green Innovation

Under the "double carbon" goal,enterprise green innovation has gradually become a key force for high-quality economic development.However,enterprises are faced with such outstanding problems as high policy cost,imperfect interest coordination mechanism and technology bottleneck,which makes it difficult for enterprises to achieve pollution reduction and carbon reduction,thus hindering the realization of the "dual carbon" goal,which poses a challenge to enterprises how to improve their green innovation ability under the condition of scarce resources and backward technology.Based on resource effect and technological progress effect,digital economy has become an important channel to dredge enterprises’ green innovation resources.At present,the literature on the impact of digital economy on green innovation mainly studies its impact on enterprises’ financing constraints and investment behavior from the perspective of capital,and rarely discusses the promoting effect of digital economy on enterprises’ green innovation from the perspective of environmental improvement and technological improvement.At the same time,the choice of enterprises’ green innovation level is rooted in the different external environment they face.Will the degree of environmental regulation affect the promotion effect of digital economy on enterprises’ green innovation?Based on this,this paper selects the A-share listed companies in Shanghai and Shenzhen from 2011 to 2021 as the research object to study the impact of digital economy on corporate green innovation,and introduces environmental regulation to investigate its regulatory effect between the two.It is found that digital economy can promote enterprise green innovation,and environmental regulation negatively moderates the positive relationship between digital economy and enterprise green innovation.Heterogeneity analysis shows that in the digital economy industrial group,resource-based city group and innovation-oriented city group,the digital economy is more able to promote the green innovation of enterprises,and the regulatory effect of environmental regulations is more significant.After distinguishing the types of environmental regulation,it is found that the command-type environmental regulation is difficult to play a regulating effect between digital economy and enterprise green innovation,and the market-incentive environmental regulation and the public participation environmental regulation negatively moderates the positive relationship between digital economy and enterprise green innovation.By further exploring the mechanism of influence between digital economy and enterprise green innovation,it is found that digital transformation and financing constraints play a mediating effect between digital economy and enterprise green innovation,and environmental regulations weaken the mediating effect between digital transformation and enterprise green innovation.Moreover,the mediating effect of financing constraints between digital economy and corporate green innovation is enhanced.The results show that green innovation can promote high-quality economic development.Compared with non-carbon trading pilot group,green innovation of enterprises in carbon trading pilot group can promote high-quality economic development more.Compared with the carbon trading pilot group,the green innovation of enterprises in the non-carbon trading pilot group can reduce the carbon intensity better.This paper not only enriches the research perspective of the social effect of digital economy,but also improves the relevant research on the influencing factors of enterprise green innovation.The conclusion of this study has certain theoretical and practical significance for local governments to develop digital economy reasonably,promote green innovation of enterprises better and cope with external environmental changes.