Digital Economic Development, Enterprise Investment Efficiency and Green Innovation Performance

The advent of the digital economy era has profoundly changed the production, operation and management models of enterprises. Based on the panel data of A-share listed companies in the Shanghai and Shenzhen stock markets, this paper deeply assesses the significant impact of the degree of digital economic development in prefecture-level cities on the green innovation performance of local enterprises from the perspective of green innovation performance. The research finds that the development of regional digital economy has significantly improved the green innovation performance of enterprises. This conclusion still exists under a series of robustness tests. Mechanism analysis indicates that the investment efficiency of enterprises has an important mediating effect in the process of promoting the green innovation performance of enterprises through the development of the digital economy: The development of the digital economy mainly improves investment efficiency by alleviating the problem of excessive investment by enterprises, thereby promoting the green innovation performance. The research results of this paper enrich the relevant literature on the impact of the digital economy on the economic activities of micro enterprises, and the conclusion of the article has important practical significance and policy implications.