Research on Synergy Measurement and Digital Finance Driving Mechanism of Enterprise Digital Transformation and Greening Upgrade: An Empirical Analysis Based on the Complex System Coordination Degree Model

Yonghong Li (), Haoyue Xie and Chang Liu
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Yonghong Li: College of Economics and Management, Xi’an University of Posts and Telecommunications, Xi’an 710061, China
Haoyue Xie: College of Economics and Management, Xi’an University of Posts and Telecommunications, Xi’an 710061, China
Chang Liu: College of Economics and Management, Xi’an University of Posts and Telecommunications, Xi’an 710061, China

Sustainability, 2025, vol. 17, issue 11, 1-31

Abstract: Under the dual transformation background of global digital economy and low-carbon development, the synergistic promotion of enterprise digital transformation and green upgrading has become an important path to realizing high-quality development. Based on the coupling coordination degree model, this paper constructs the enterprise “digital-green” dual transformation synergy measurement index system, and empirically analyzes the panel data of China’s A-share-listed companies from 2017 to 2022 using the entropy weight-coupling coordination degree model and the fixed effect model. This study finds that, firstly, the synergy degree of the eastern region is significantly higher than that of the inland, less-developed provinces, but the regional gap is narrowing and the spatial pattern is evolving from the “central collapse type” to the low-level equilibrium type. Second, there is a significant positive driving effect of digital finance on the collaborative transformation of enterprises’ digitalization and greening, and the path of its action includes the effect of alleviating financing constraints, the empowerment of information transparency, and the effect of moderating and amplifying entrepreneurship. Third, the driving efficacy of digital finance in state-owned enterprises is more prominent than that in private enterprises. Fourth, digital finance significantly affects the degree of synergy, but there is a threshold effect. This study reveals the catalytic role of digital finance in the coupling process of digital transformation and greening upgrading, which not only expands the analytical dimension of transition economy theory but also provides a quantitative basis for policymakers to optimize the allocation of financial resources and for enterprises to design transformation paths.

Keywords: digital finance; the synergistic development of digitalization and greening; financing constraints; information constraints; entrepreneurship; threshold effect (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2025
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