The Impact of Digital Intelligence on Corporate Green Total Factor Productivity: Empirical Evidence from Chinese A-Share Listed Companies

Abstract

Against the backdrop of China’s 14th Five-Year Plan, digital economy strategy, and dual-carbon goals, this study draws on panel data from Chinese A-share-listed firms over 2008–2024 to construct a provincial digital intelligence (DI) index using the entropy-weighting method, measure corporate green total factor productivity (GTFP) using the SBM–GML model, and examine the effect of DI on GTFP and the mechanisms underlying this effect. The results show that regional DI is significantly and positively associated with GTFP, and this association remains robust across alternative specifications and endogeneity treatments. Mechanism tests indicate that lower financing constraints and lower ownership concentration may serve as potential channels linking DI to GTFP. Human capital strengthens this positive effect, whereas total asset turnover weakens it. Heterogeneity analysis further shows that the productivity gains from DI are more pronounced among large firms. Although subgroup estimates are larger for firms without executives who have overseas experience, the between-group difference is not statistically robust and is therefore interpreted as exploratory rather than causal. These findings highlight the importance of integrating DI with green transformation, improving firms’ access to finance and human capital, and adopting differentiated support policies.