Research on the Mechanism of Digital Transformation Driving Carbon Neutrality in Energy Enterprises : An Empirical Study Based on Financing Constraints and Green Innovation

다국어 초록 (Multilingual Abstract)

With the intensification of global climate change, the energy industry is under unprecedented pressure to transition to a low-carbon model. As a major energy producer and consumer, China has maintained high total carbon emissions, and the implementation of the national dual-carbon strategy has further accelerated the shift of energy enterprises toward green and low-carbon models. A series of policies have been introduced, emphasizing the role of digital tools in optimizing the energy structure and supporting green technology research and development through special funds. The scale of international clean energy investment has grown rapidly, highlighting the enormous potential of digital tools to improve energy efficiency. The expansion of carbon emission trading markets has strengthened environmental regulation while stimulating enterprises to explore solutions to financing challenges and innovation needs. However, the intrinsic logic and transmission pathways of digital transformation driving carbon neutrality still require systematic empirical testing. Therefore, a deeper exploration of how digital transformation influences corporate financing environments and innovation capabilities, ultimately affecting carbon performance, can not only enrich the theoretical framework of energy economics and environmental management but also provide important decision-making references for energy enterprises to formulate scientific transition strategies and for government departments to design precise guiding policies.
This paper selects data from Chinas energy listed companies from 2001 to 2023, using corporate carbon performance as the dependent variable, the digital transformation index as the core explanatory variable, and financing constraints and green innovation as mediating variables to construct a mediation effect model for empirical testing. The study finds that digital transformation has a significant positive impact on corporate carbon performance, while financing constraints and green innovation play partial mediating roles. Based on the empirical results, this paper proposes policy recommendations such as optimizing digital infrastructure, deepening integrated applications, improving green finance, breaking financing bottlenecks, incentivizing green innovation, strengthening technology-driven approaches, implementing classified policies, and enhancing governance efficiency.

국문 초록 (Abstract)

기후변화가 심화됨에 따라 에너지 산업은 저탄소 전환이라는 전례 없는 압력에 직면하고 있다. 주요 에너지 생산국이자 소비국인 중국은 여전히 높은 수준의 탄소배출을 유지하고 있으며, 국가 차원의 탄소중립(이중 탄소) 전략 추진으로 에너지 기업의 녹색·저탄소 전환이 가속화되고 있다. 이에 따라 디지털 기술의 활용을 통해 에너지 구조를 최적화하고, 녹색 기술 연구개발을 위한 특별기금을 마련하는 등 관련 정책이 잇따라 도입되었다. 또한 국제 청정에너지 투자 규모가 빠르게 증가하면서 디지털 기술이 에너지 효율성을 제고할 수 있는 잠재력이 더욱 부각되고 있다.
탄소배출권 거래 시장의 확장은 환경 규제를 강화하는 동시에, 기업들이 재무적 제약과 혁신 수요에 대응할 수 있는 해법을 탐색하도록 유도하고 있다. 그러나 디지털 전환이 탄소중립에 기여하는 구체적 메커니즘과 전달 경로는 여전히 체계적인 실증 검증이 필요한 실정이다. 이에 본 연구는 디지털 전환이 기업의 자금 조달 환경과 녹색 혁신 역량에 어떤 영향을 미치며, 결과적으로 탄소성과에 어떤 변화를 가져오는지를 규명하고자 한다. 이는 에너지 경제 및 환경경영 이론을 풍부하게 하고, 에너지 기업의 과학적 전환 전략 수립 및 정부 정책 설계에 실질적인 참고자료를 제공할 수 있다.
본 연구는 2001년부터 2023년까지의 중국 에너지 상장기업 데이터를 활용하였으며, 기업의 탄소성과를 종속변수로, 디지털 전환 지수를 핵심 설명변수로 설정하고, 재무제약 및 녹색혁신을 매개변수로 하는 매개효과 모형을 구성하여 실증분석을 수행하였다. 분석 결과, 디지털 전환은 기업의 탄소성과에 유의미한 긍정적 영향을 미치며, 재무제약과 녹색혁신은 부분 매개효과를 가지는 것으로 나타났다. 이를 바탕으로 디지털 인프라 최적화, 통합적 응용 심화, 녹색금융 체계 정비, 자금조달 병목 해소, 녹색혁신 인센티브 확대, 기술 기반 정책 강화, 차별화된 정책 설계 및 거버넌스 효율 제고 등의 정책적 시사점을 제안한다.

목차 (Table of Contents)

• 1 Introduction 1
• 1.1 Research Background and Significance 1
• 1.1.1 Research Background 1
• 1.1.2 Research Significance 3
• 1.2 Literature Review 4
• 1.2.1 Research on Enterprise Digital Transformation 4
• 1.2.2 Research on Carbon Neutrality of Energy Enterprises 7
• 1.2.3 Research on Digital Transformation Driving Carbon Neutrality in Energy Enterprises 10
• 1.2.4 Literature Review 13
• 1.3 Research Content and Methods 14
• 1.3.1 Research Content 14
• 1.3.2 Research Methods 15
• 1.4 Innovations and Limitations 16
• 1.4.1 Innovations 16
• 1.4.2 Insufficient Research 17
• 2 Related Concepts and Basic Theories 19
• 2.1 Related Concepts 19
• 2.1.1 Digital Transformation 19
• 2.1.2 Energy Companies 19
• 2.1.3 Carbon Neutrality 20
• 2.2 Basic Theory 20
• 2.2.1 Sustainable Development Theory 20
• 2.2.2 Green Development Theory 22
• 2.2.3 Low-carbon Economy Theory 23
• 3 Analysis of the Current Situation of Energy Enterprises Carbon Neutrality Driven by Digital Transformation 25
• 3.1 Current Status of Digital Transformation in Energy Enterprises 25
• 3.1.1 Industry Background and Situation of Energy Enterprises 25
• 3.1.2 Application of Digital Transformation in Energy Enterprises 26
• 3.1.3 Key Challenges and Focus Areas in Digital Transformation for Energy Enterprises 29
• 3.2 Current Status of Carbon Neutrality in Energy Enterprises 32
• 3.2.1 Chinas carbon neutrality-related policies 32
• 3.2.2 Chinas Energy Conservation and Emission Reduction Effect 37
• 4 Mechanism Analysis of Energy Enterprises Carbon Neutrality Driven by Digital Transformation 40
• 4.1 The Direct Impact of Digital Transformation on Carbon Neutrality in Energy Enterprises 40
• 4.2 Impact of Digital Transformation on Carbon Neutrality in Energy Enterprises Through Financing Constraints 41
• 4.3 Impact of Digital Transformation on Carbon Neutrality of Energy Enterprises through Green Innovation 43
• 5 Empirical Research Design of Digital Transformation Driving Carbon Neutrality of Energy Enterprises 45
• 5.1 Data Sources and Processing 45
• 5.2 Variable Selection and Interpretation 46
• 5.2.1 Dependent Variable 47
• 5.2.2 Core Explanatory Variables 47
• 5.2.3 Mediating Variables 48
• 5.2.4 Control Variables 48
• 5.3 Model Construction 49
• 5.3.1 Panel Data Model 49
• 5.3.2 Mediation Effect Model 50
• 6 Empirical Analysis of Digital Transformation Driving Carbon Neutrality in Energy Enterprises 52
• 6.1 Descriptive Statistical Analysis 52
• 6.2 Correlation Analysis 53
• 6.3 Collinearity Diagnosis 54
• 6.4 Regression Analysis 55
• 6.5 Robustness Analysis 56
• 6.6 Heterogeneity Analysis 57
• 6.7 Testing of the Mediation Mechanism 59
• 6.7.1 Testing of the Intermediary Mechanism Based on Financing Constraints 59
• 6.7.2 Testing the Mediating Mechanism Based on Green Innovation 61
• 7 Comparison of Digital Transformation and Carbon Emission between China, the United States and India 63
• 7.1 Comparison of Digital Transformation between China, the US and India 63
• 7.2 Comparison of Carbon Emissions in China, the United States and India 64
• 8 Conclusion and Policy Recommendations 67
• 8.1 Research Conclusions 67
• 8.2 Policy Recommendations 68
• 8.2.1 Optimizing Digital Infrastructure and Deepening Integrated Applications 68
• 8.2.2 Enhancing Green Finance to Overcome Financing Bottlenecks 71
• 8.2.3 Encouraging Green Innovation and Strengthening Technology-Driven Development 74
• 8.2.4 Implement Categorized Policies to Enhance Governance Efficiency 76
• References 79
• 국문요지 86