Digital Transformation Can Generate New Quality Productivity for Energy Companies

As a new engine of high-quality development, digital transformation has not yet clarified the mechanism of the role of energy enterprises as an important pillar of the national economy, the formation of the new quality of productivity, especially on the financing constraints of energy enterprises, green innovation and the level of managers of the systematic effect, more in-depth investigation is needed.Based on the idea of system engineering, this paper selects A-share listed energy companies in Shanghai and Shenzhen from 2014 to 2023, and empirically analyzes them by using two-way fixed effect model.Research shows that the digital transformation of energy companies can significantly generate new qualitative productivity.Mechanistic analysis shows that the digital transformation of firms contributes to the development of new-quality productivity mainly by easing financing constraints, increasing the level of green innovation and improving the level of business managers.Heterogeneity analysis finds that the contribution of firms' digital transformation to new qualitative productivity is more pronounced among small-scale firms, high-margin firms, and state-owned enterprises Moderator tests show that entrepreneurship and corporate cash levels positively moderate the process of digital transformation to generate new quality productivity.The conclusions of the study make up for the lack of theoretical research on the development of new quality productivity in energy enterprises, and have important practical value for government departments and energy enterprises to promote the strategic choice of digital transformation and the formation of new quality productivity.