Investigating the Impact Mechanism of Corporate Digital Transformation on Carbon Emission Intensity under the Dual Carbon Goals

Wuyang Zhang

doi:10.54097/1dg3cq94

Authors

Wuyang Zhang

DOI:

https://doi.org/10.54097/1dg3cq94

Keywords:

Corporate Digital Transformation, Carbon Emission Intensity, R&D Investment, Dual Carbon Goals

Abstract

Under the impetus of the dual carbon strategy and the burgeoning digital economy, Chinese enterprises have been rapidly embracing digital transformation, with the adoption rate of digital technologies reaching 47.4% by 2023. Nevertheless, the nuanced interplay between corporate digitalization and carbon emission intensity remains insufficiently understood. Employing panel data from China's A-share listed firms spanning 2010 to 2022, this study systematically investigates how corporate digital transformation shapes carbon emission intensity. Empirical results demonstrate that digital transformation substantially curtails corporate carbon emission intensity, a finding that withstands a battery of robustness checks including the Heckman two-stage correction and propensity score matching. Mechanism analysis further reveals that digital transformation attenuates carbon emission intensity primarily through augmenting R&D expenditure. Heterogeneity tests indicate that this mitigating effect is particularly salient among state-owned enterprises and firms audited by Big Four accounting firms. These findings not only advance scholarly understanding of the determinants of corporate carbon emission intensity but also offer practical implications for leveraging digitalization to foster low-carbon development and the realization of China's dual carbon objectives.

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