This paper utilizes panel data from Chinese A-share listed energy companies on the Shanghai and Shenzhen stock exchanges from 2007 to 2022, employing methods such as the three-step method and bootstrap decomposition to explore the relationship between digitalization and the transformation of energy companies. It further analyzes the underlying mechanisms through the intermediary variable of green innovation. Additionally, the paper investigates the moderating effects of environmental regulations and corporate carbon intensity on digitalization. The findings reveal that digitalization has a significant positive effect on the green transformation of energy companies, and green innovation plays a partial mediating role in promoting green transformation through digitalization. This promotional effect remains valid even after green innovation is divided into two dimensions: green R&D efficiency and green technology transfer levels. Furthermore, increased carbon intensity enhances the role of digitalization in promoting the green transformation of energy enterprises, while environmental regulations diminish this effect. At the same time, when environmental regulations and carbon intensity both interact synergistically with digitalization in green innovation, their combined impact on green innovation is negative. Heterogeneity analysis indicates that the mediating effect is significantly higher for Chinese energy companies in central and western regions, particularly those in non-state-owned, large-scale, and low-pollution sectors, compared to those that are in eastern regions, state-owned, small and medium-sized, and in high-pollution sectors. The research conclusions have significant implications for promoting the digital transformation of energy companies, enhancing their green innovation capabilities, and advancing the green transformation of the energy sector.
Zhou et al. (2025) studied this question.