Digital economy policy and corporate sustainable development: evidence from China’s national big data comprehensive pilot zone
基于制度理论和资源依赖理论，利用中国A股上市公司面板数据，采用交错双重差分法，发现国家大数据综合试验区政策通过数字化转型、绿色创新和人力资本升级显著提升企业碳绩效，且效果受高管环保意识和政府环境补贴调节。
Abstract Drawing on institutional theory and resource dependence theory, this paper examines how China’s National Big Data Comprehensive Pilot Zone (CBDPZ) policy influences corporate carbon performance and explores key moderating contingencies. Using a staggered difference-in-differences (DID) approach on panel data from Chinese A-share listed firms (2011–2023), we find that the CBDPZ policy significantly improves corporate carbon performance. Mechanism analysis reveals that the policy promotes carbon reduction through three pathways: digital transformation, green innovation, and human capital upgrading. Furthermore, we find these effects are amplified in firms led by environmentally aware executives and those receiving government environmental subsidies. Heterogeneity analysis indicates more pronounced effects among non-high-tech firms, state-owned firms, eastern-region firms, and those in high-regulation, high public-concern, or heavily polluting sectors. This study contributes to the literature by illuminating how non-environmental digital policies generate environmental co-benefits and offering empirical evidence for evaluating the sustainability implications of digital economy policies in emerging economies.