The Impact of Digital Infrastructure on Enterprise Green Innovation—A Quasi-Natural Experiment Based on the Broadband China Strategy

Abstract

Under the background of the deep integration of the “dual-carbon” strategy and the digital economy, digital infrastructure has become a key support for driving enterprise green innovation. This paper uses the “Broadband China” pilot policy as a quasi-natural experiment, and based on data from A-share listed companies in Shanghai and Shenzhen from 2007 to 2024, uses a multi-period difference-in-differences model to empirically examine the impact, transmission mechanism, and heterogeneity characteristics of digital infrastructure construction on enterprise green innovation. The study finds that the “Broadband China” policy significantly improves the level of enterprise green innovation; benchmark regression shows that the policy shock increases enterprise green innovation by an average of 7.4%; endogeneity treatment and multiple robustness tests verify the reliability of the conclusions. Mechanism analysis shows that digital infrastructure empowers green innovation through a dual path of promoting enterprise digital transformation and driving regional digital finance development. Heterogeneity analysis shows that this promoting effect is more significant in manufacturing, state-owned enterprises, and growth-stage enterprises. This paper provides causal identification evidence for the integration of digital infrastructure and green innovation, enriches the theoretical connotation of the digital economy driving low-carbon transformation, and provides empirical support for accurately promoting digital infrastructure and enterprise green development.