制造企业数字化与绿色化协同转型对企业绩效的影响机制研究

摘要/Abstract

摘要： 制造企业数字化与绿色化协同（简称“双化协同”）转型是发展新质生产力和推动高质量发展的必然要求，是提升企业竞争力的重要途径。现有国内外研究分别探讨了制造企业数字化转型、绿色化转型对企业绩效的影响，但缺少企业双化协同对绩效影响的研究。本文基于2007—2022年中国A股上市制造企业数据，采用耦合协调度模型构建了制造企业双化协同指标，并实证检验了制造企业双化协同对绩效的影响。研究发现，制造企业双化协同对绩效的影响呈非线性U型关系，只有跨过拐点才能为企业带来正向收益。机制分析表明，效率和成本渠道均在企业双化协同和绩效之间起到中介作用，双化协同对企业效率的影响是先抑制再促进，对企业成本的影响是先增加再节约，进而影响企业绩效。环境规制和产业结构合理化对制造企业双化协同与绩效的U型关系有调节作用，强环境规制与高产业结构合理化均使U型关系变得更加平缓。异质性分析表明：重污染和非重污染企业的双化协同与绩效均呈现U型关系，其中非重污染企业更为显著；中部和东部地区企业、高科技企业的双化协同与绩效均呈现U型关系，而西部地区企业与非高科技企业的U型关系都不显著。本研究为进一步开展双化协同的理论和实证研究提供了经验证据，也为制造企业制定双化协同战略，进一步提升企业竞争力提供决策依据。

关键词: 制造企业, 数字化转型, 绿色化转型, 双化协同, 企业绩效

Abstract: The digital-green synergistic transformation (referred to as “dual synergy”) in manufacturing firms is an inevitable requirement for developing new quality productive forces and advancing high-quality development, as well as a critical pathway to enhance corporate competitiveness. Existing studies, both domestic and international, have separately explored the impacts of digital and green transformations on the performance of manufacturing enterprises, yet research on the impacts of dual synergy transformation remains scarce. This paper, based on data from China’s A-share listed manufacturing firms from 2007 to 2022, constructs a dual synergy index for manufacturing firms using the coupling model method and empirically tests the impact of dual synergy on firm performance. The findings reveal a nonlinear U-shaped relationship between dual synergy and firm performance, where positive benefits emerge only after a threshold is crossed. Mechanism analysis indicates that both efficiency and cost channels mediate this relationship: dual synergy first suppresses and then promotes efficiency (U-shaped), while initially increasing and subsequently reducing costs (inverted U-shaped), thereby influencing performance. Environmental regulation and industrial structure rationalization moderate the U-shaped relationship between dual synergy and firm performance, with stronger environmental regulation and higher industrial structure rationalization flattening the curve. Heterogeneity analysis shows that the U-shaped relationship holds for both heavily and non-heavily polluting firms (more pronounced in the latter), as well as for firms in central/eastern regions and high-tech industries, but not for western regions or non-high-tech firms. This study provides empirical evidence for theoretical and practical research on dual synergy and offers strategic insights for manufacturing firms to enhance competitiveness.

Key words: manufacturing firms, digital transformation, green transformation, dual synergy, firm performance

张志伟, 章宁, 肖土盛. 制造企业数字化与绿色化协同转型对企业绩效的影响机制研究[J]. 管理评论, 2025, 37(11): 67-80.

Zhang Zhiwei, Zhang Ning, Xiao Tusheng. Research on the Mechanism of How Digital-Green Synergistic Transformation Influences Firm Performance in Manufacturing Sector[J]. Management Review, 2025, 37(11): 67-80.

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