Abstract
Digital transformation and green innovation are powerful initiatives to achieve carbon peaking, carbon neutrality targets and high-quality economic development. Using a sample of high energy-consuming listed enterprises from 2012 to 2021, a double fixed-effect model is constructed to verify the effect of green innovation on the carbon emission reduction performance of high energy-consuming enterprises, and digital transformation is used as a moderating variable to analyze the inner mechanism of green innovation affecting the carbon emission reduction performance of high energy-consuming enterprises under the effect of digital transformation. The empirical results show that green innovation can significantly improve the carbon emission reduction performance of energy-consuming enterprises, while digital transformation positively moderates the effect of green innovation on the carbon emission reduction performance of energy-consuming enterprises. When considering the industry heterogeneity, the moderation effect of digital transformation is significant in the chemical raw materials and chemical products manufacturing industry and the electricity and heat production and supply industry, but the petroleum processing and coking and nuclear fuel processing industry, the non-metallic mineral products industry, the ferrous metal smelting and rolling processing industry and the non-ferrous metal smelting and rolling processing industry are not yet significantly affected by green innovation and digital transformation. The findings of the study provide empirical evidence to promote the improvement of carbon emission reduction performance of energy-intensive enterprises in China and to achieve the "double carbon" target.