數字化與綠色化協同賦能企業價值創造研究——基於動態能力視角

數字化與綠色化協同賦能企業價值創造研究

——基於動態能力視角

溫雅麗 ¹

（1. 廣東金融學院，廣東 廣州，510521）

摘　要：在數字經濟與綠色低碳轉型深度融合的背景下，數字化與綠色化協同發展（簡稱“雙化協同”）逐漸成為企業價值創造的重要驅動力。本文以 2015—2023 年我國 A 股上市公司為研究樣本，實證檢驗雙化協同對企業價值創造的影響效應、作用機制及異質性特徵。研究發現：（1）雙化協同顯著提升了企業價值創造，該結論在經過工具變量法、外生政策衝擊檢驗及一系列穩健性檢驗後依然成立；（2）機制檢驗表明，雙化協同通過增強企業的創新能力、適應能力和產品競爭力等動態能力賦能企業價值創造；（3）異質性分析顯示，雙化協同對企業價值創造的正向影響在非技術密集型企業、高市場化程度地區企業以及機構投資者持股比例較高的企業中更為顯著。本研究從動態能力視角揭示了雙化協同賦能企業價值創造的內在機制，為理論深化與實踐推進提供了實證依據與政策啟示。

關鍵字：雙化協同；動態能力；企業價值創造

Synergy between Digitalization and Greening Enabling Corporate Value Creation:

A Dynamic Capabilities Perspective

Yali WEN¹

( 1.Guangdong University of Finance, Guangzhou, Guangdong, 510521)

Abstract: Against the backdrop of the deep integration of the digital economy and green and low-carbon transition, the synergistic development of digitalization and greening (hereinafter referred to as “digital-green synergy”) has gradually become an important driver of corporate value creation. Using a sample of Chinese A-share listed companies from 2015 to 2023, this paper empirically examines the effect, mechanism, and heterogeneity of digital‑green synergy on corporate value creation. The findings reveal that: (1) digital‑green synergy significantly enhances corporate value creation, and this conclusion remains robust after addressing endogeneity through instrumental variable approach, exogenous policy shock tests, and a series of robustness checks; (2) mechanism analysis shows that digital-green synergy promotes corporate value creation by strengthening firms’ dynamic capabilities, including innovation capability, adaptability, and product competitiveness; (3) heterogeneity analysis indicates that the positive impact of digital-green synergy on corporate value creation is more pronounced in non-technology-intensive firms, firms located in regions with a higher degree of marketization, and firms with a higher proportion of institutional ownership. By adopting a dynamic capabilities perspective, this study uncovers the underlying mechanism through which digital-green synergy enables corporate value creation, providing empirical evidence and policy implications for both theoretical advancement and practical implementation.

Keywords: digital-green synergy; dynamic capabilities; corporate value creation

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