Research on the Effect of Green Digital Fusion on Enterprise Environmental Performance

Under the strategic background of the coordinated development of "double carbon" target and intelligent green manufacturing industry, the fusion of greening and digitalization is the key path to solve the bottleneck of environmental governance, and its effectiveness mechanism needs to be systematically verified. Based on the sample of A-share listed companies in China from 2010 to 2023, this paper constructs a green digital fusion index combining text analysis with coupling model, and empirically tests the impact of green digital fusion on corporate environmental performance by using panel fixed effect model and multidimensional endogenous processing method. The study found that green digital fusion significantly improves environmental performance, which is achieved through three paths: driving green innovation transition, strengthening organization and coordination ability and activating senior executives' environmental attention; Government environmental subsidies significantly amplify the integration efficiency by easing resource constraints and strengthening policy signals. Heterogeneity analysis shows that the policy effect is more prominent in heavily polluting industries, technology-based enterprises and green data test areas. This study provides a micro basis for the construction of the policy system of "precision subsidy-system empowerment-technology collaboration", and has practical reference for grasping the focus of green digital transformation and releasing the environmental governance value of data elements.