Research on the Impact of Data Factors on Enterprise Green Innovation—Evidence from Chinese Manufacturing Enterprises

With the accelerated advancement of the global technological revolution and industrial transformation, digitalization and greening are increasingly becoming important trends in the transformation and development of the global economy and society, and the deep integration and collaborative development between the two has become the core issue of current scientific exploration. This study examines the influence and underlying mechanisms of data factors on green innovation among Shanghai and Shenzhen A-share manufacturing listed companies in China, spanning from 2013 to 2023. The empirical analysis reveals a positive correlation between data factors and the enhancement of corporate green innovation. A deeper investigation indicates that this positive effect is more pronounced in eastern enterprises and non-state-owned entities. Additionally, data factors facilitate corporate green innovation by augmenting investment in innovation and intensifying external governance factors, such as analyst attention. Based on these empirical findings, this paper advocates for several measures as follows: enhancing the development of the data factor market; fostering research and development in digital technologies; and fostering integration between digital factors and business applications.