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Enterprise's R&D and Innovation Management

Research on Carbon Emission Reduction Effect of Digital Trans⁃

formation of Manufacturing Enterprises in China

Li Xinan1, 2, He Mengyuan2, 3

(1.School of International Business and Economics, Henan University of Economics and Law, Zhengzhou

450046, China; 2.Henan Regional Industrial Innovation and Development Research Base, Zhengzhou 450046,

China; 3.Zhengzhou Business University, Zhengzhou 451200, China)

Abstract: The digital transformation of its manufacturing enterprises has become an impor⁃

tant engine to achieve carbon emission reduction and promote the green transformation of the

economy. At present, the "dual carbon" goals are driving significant industrial system reform.

This emphasizes the increasing importance of digitization and low-carbon coordination within

manufacturing enterprises. However, the transformation of Chinese manufacturing enterprises is

still in its infancy and there is a lack of theoretical research on how digital transformation im⁃

pacts the internal mechanisms of carbon emission reduction at the micro level. This gap is sig⁃

nificantly restricting the low-carbon development of the manufacturing industry. Therefore, it is

essential to explore further the mechanism of digital transformation on carbon emissions of Chi⁃

nese manufacturing enterprises. Based on this, the panel data sample of 1040 manufacturing en⁃

terprises of China's A-share listed companies from 2011 to 2022 is selected to systematically in⁃

vestigate the relationship between digital transformation and carbon emission reduction at the en⁃

terprise level. This paper delves into the theoretical mechanism of how digital transformation af⁃

fects carbon emission reduction in manufacturing enterprises and empirically tests this effect of

digital transformation using methods such as fixed effect model, mediation model, and moderat⁃

ing effect model. This approach fills a gap in existing literature that mostly focuses on macro

level studies. The main research findings are as follows: The digital transformation of manufac⁃

turing enterprises of listed companies has a significant effect on reducing carbon emissions. The

conclusion remains valid after a series of robust tests and endogenous processing. The analysis of

the transmission mechanism shows that digital transformation of manufacturing enterprises sig⁃

nificantly improves carbon emission reduction ability through green technology innovation and

government financial subsidies, that is, digital transformation provides technical support and fac⁃

tor support for carbon emission reduction of manufacturing enterprises through green technology

innovation. However, the moderating effects of environmental regulations show heterogeneity

among manufacturing enterprises in different regions with different degrees of marketization dur⁃

ing the sample period. Upon further analysis, it has been found that the digital transformation of

manufacturing enterprises has varying degrees of impact on carbon emission reduction based on

different industry attributes, property rights, and regional location conditions. This indicates the

need to consider the specific circumstances and implement corresponding differentiated support

policies to promote the high-quality development of China's manufacturing industry during the

process of promoting digital transformation.

Key words: enterprise digital transformation; carbon reduction; green technology innovation;

government financial subsidies; environmental regulation