双化协同对企业高质量发展的影响

刘美玉¹　段红莉¹　黄速建²

（1.山东财经大学；2.中国社会科学院）

内容提要：以数字技术为支撑、绿色发展为核心的双化协同，不仅是企业顺应时代潮流、响应数字中国建设和美丽中国建设的必然要求，更是企业培育新质生产力、推动自身高质量发展的重要抓手。这使得数字化绿色化协同转型发展关系及其经济效益成为政府、产业界和学术界共同关注的热点话题。本文选取2011—2022年2253家沪深A股上市公司数据，实证分析双化协同对企业高质量发展的影响及其作用机制。结果显示：（1）双化协同能够促进企业高质量发展，且经过内生性分析和稳健性检验后该结论仍然成立；（2）双化协同对企业高质量发展影响的内在逻辑链条为“双化协同—新质生产力—企业高质量发展”，即双化协同通过提升新质生产力促进企业高质量发展；（3）双化协同对于企业高质量发展的影响在环境规制强度较高、数字基础设施水平较高、重污染行业的企业中更为明显。本文的研究结论有助于加深对双化协同理论和资源基础理论的认识，并为企业达成经济、环境与社会的多重效益优化目标提供借鉴。

关键词：数字化转型；绿色化转型；双化协同；新质生产力；高质量发展

作者简介：刘美玉，山东财经大学工商管理学院副教授，济南，250014；段红莉，山东财经大学工商管理学院硕士研究生；黄速建，中国社会科学院工业经济研究所研究员、博士生导师，通信作者，北京，100006。

基金项目：国家社会科学基金重点项目“国有企业打造重大原创技术策源地的融资决策研究”（22AGL018）

引用格式：刘美玉,段红莉,黄速建.双化协同对企业高质量发展的影响[J].经济与管理研究,2025,46(12):39-56.

Impact of Dual-transformation Synergy on High-quality Development of Enterprises

LIU Meiyu¹, DUAN Hongli¹, HUANG Sujian²

(1. Shandong University of Finance and Economics, Jinan 250014;

2. Chinese Academy of Social Sciences, Beijing 100006)

Abstract: The synergy of digital and green transformation (dual-transformation synergy for short) is an essential requirement for enterprises to respond to building a digital and beautiful China and a lever for enterprises to cultivate new quality productive forces (NQPF) and promote high-quality development of enterprises. In turn, the relationship between collaborative digital and green transformation and its economic benefits have become a hot topic for the government, industry, and academic circles. However, previous studies mostly focused on the influence of digital transformation on green transformation, or examined the economic benefits of digital or green transformation, but neglected the benefits generated by their synergy, which are inconsistent with the economic effects brought about by dual-transformation synergy of enterprises in the digital economy era.

In view of this, this paper takes 11,974 unbalanced panel data of 2,253 A-share listed companies in Shanghai and Shenzhen from 2011 to 2022 as samples, constructs dual-transformation synergy indicators using the modified coupling coordination model, and theoretically analyzes and empirically tests the impact of dual-transformation synergy on the high-quality development of enterprises and the mechanisms. Empirical findings are threefold. (1) Dual-transformation synergy can promote the high-quality development of enterprises. This conclusion is still valid after a series of endogeneity and robustness tests. (2) The intrinsic logical chain of the impact of dual-transformation synergy on the high-quality development of enterprises is “dual-transformation synergy–NQPF–high-quality development of enterprises”. (3) The heterogeneity tests show that the impact of dual-transformation synergy on the high-quality development of enterprises is more pronounced in contexts with high environmental regulation intensity, advanced digital infrastructure, and in heavily polluting industries.

This paper helps to deepen the understanding of synergy theory and resource-based theory related to dual-transformation synergy, and provides references for enterprises to achieve multiple benefit optimization goals in the economy, environment, and society, and for relevant departments to formulate policies. Specifically, enterprises should attach great importance to the effect of dual-transformation synergy, integrate digital technologies with green innovation initiatives, seize the opportunity for the dual-transformation synergy, and take into account the heterogeneity of transformation strategies. In addition, they need to foster NQPF, construct a standard system for technology integration, ensure the rational allocation of resources, and develop an adaptive management system. The government should accelerate the construction of infrastructure for the dual-transformation synergy, perfect policy support systems, establish special funds, implement differentiated support measures based on enterprise-specific endowments, and thereby facilitate dual-transformation synergy in enterprises.

Based on these findings, four policy implications are proposed: (1) strengthening the empowering role of NQPF in e-commerce development to smooth urban-rural consumption channels; (2) expanding service-sector employment through NQPF to enhance rural residents’ consumption capacity; (3) cultivating and incentivizing new quality labor to unlock long-term consumption potential; and (4) formulating region-specific strategies to reinforce the differentiated enabling effects of NQPF.

Keywords: digital transformation; green transformation; dual-transformation synergy; new quality productive forces; high-quality development

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