The Impact of Digital Transformation on Corporate Green Investment—Empirical Evidence from A-Share Listed Companies

Abstract

In the context of advancing global carbon neutrality and sustainable development, accelerating digital transformation and enhancing green financial support are crucial for driving the green low-carbon transition. This study empirically investigates the impact of digital transformation on green investment and its underlying mechanisms using data from A-share listed companies between 2009 and 2023. The findings reveal that: (1) Digital transformation significantly boosts green investment, with results remaining robust after addressing endogeneity and other tests. (2) The promoting effect varies across different groups, being more pronounced in eastern regions, high-tech industries, and non-heavy pollution sectors. (3) Additionally, digital transformation increases corporate green investment by reducing financing constraints and information asymmetry. (4) Moderation analysis indicates that both the intensity of environmental regulation and green awareness positively influence this relationship, with the former having a more substantial impact. This research provides empirical support and pathways for government agencies to develop a regional framework for synergistic digital and green development and to optimize green investment incentives.