Abstract: In the context of digital and green dual transformation, enhancing the new quality productivity of enterprises can more effectively drive high-quality economic development. Utilizing data from A-share listed companies in China from 2008 to 2021, this paper uses the “Broadband China” and low-carbon city pilot policies as quasi-natural experiments for “digital” and “green” policies, respectively, to empirically assess the advantages of dual transformation over single policies in promoting the development of new quality productivity in enterprises. The study finds that both digital and green policies can enhance new quality productivity in enterprises, and the effect of dual transformation is significantly better than that of single policies. Over time, the effects of both dual transformation and single policies gradually increase. Mechanism analysis shows that dual transformation enhances new quality productivity in enterprises through smart manufacturing and innovation-driven development. Corporate financing constraints weaken the effect of green policies, while corporate social responsibility enhances the effects of both digital and green policies. Heterogeneity analysis shows that dual transformation has a more pronounced effect on enhancing new quality productivity for firms in eastern regions, firms in non-resource-based cities, and young as well as high-tech firms. Additionally, dual transformation has boosted firms’ total operating revenue and employment while also increasing total costs.

Key words: digital and green dual transformation, new quality productivity, “Broadband China”, low-carbon city