数字化转型对流通业绿色创新的影响——基于融资约束和企业社会责任的中介作用
The Impact of Digital Transformation on Green Innovation in the Circulation Industry—The Intermediary Role Based on Financing Constraints and Corporate Social Responsibility

在“双碳”目标背景下，流通业作为连接生产与消费的关键环节，其绿色创新对经济可持续发展具有重要意义。本文以2010~2021年沪深A股流通业上市公司为样本，实证检验数字化转型对流通业绿色创新的影响及其作用机制。研究发现：第一，企业数字化转型显著提升绿色创新水平，结论通过稳健性检验；第二，数字化转型通过缓解融资约束(降低信息不对称)促进绿色创新；第三，企业社会责任发挥部分中介作用，表明数字化赋能社会责任实践并推动绿色技术变革。本文聚焦流通业这一特定行业，并首次从融资约束与社会责任双重视角揭示数字化转型影响绿色创新的内在机理，为流通业数字化转型的绿色效应提供了经验证据。基于此，建议企业加速数字技术与业务深度融合，强化绿色创新的资金保障与社会责任嵌入，政府则需完善政策支持体系，引导流通业通过数字化实现低碳转型。
In the context of the “dual carbon” target, the circulation industry, as a key link connecting production and consumption, has significant green innovation for sustainable economic development. This article takes A-share listed companies in the Shanghai and Shenzhen stock markets from 2010 to 2021 as samples to empirically test the impact and mechanism of digital transformation on green innovation in the circulation industry. Research has found that: firstly, digital transformation of enterprises significantly improves the level of green innovation, and the conclusion is validated through robustness testing; Secondly, digital transformation promotes green innovation by alleviating financing constraints (reducing information asymmetry); Thirdly, corporate social responsibility plays a partial intermediary role, indicating that digitalization empowers social responsibility practices and promotes green technology transformation. This article focuses on the specific industry of circulation, and for the first time reveals the internal mechanism of the impact of digital transformation on green innovation from the dual perspectives of financing constraints and social responsibility, providing empirical evidence for the green effects of digital transformation in the circulation industry. Based on this, it is recommended that enterprises accelerate the deep integration of digital technology and business, strengthen the funding guarantee and social responsibility embedding of green innovation, and the government needs to improve the policy support system to guide the circulation industry to achieve low-carbon transformation through digitization.