Abstract:
The synergistic digital-green transformation (hereinafter referred to as "dual transformation synergy") represents a critical initiative for enterprises to address climate change and enhance operational efficiency. However, practical implementation faces challenges including limited capital, insufficient talent supply, weak technological foundations, and substantial investor concerns. From the perspective of shareholder relationship networks—defined as social relationship networks established among enterprises through common shareholders—and based on a sample of A-share listed companies listed on Shanghai and Shenzhen stock exchanges, this study finds that when enterprises occupy more central positions within shareholder relationship networks, such networks significantly promote dual transformation synergy, thereby enhancing firm value. Shareholder relationship networks facilitate dual transformation synergy through four mechanisms: first, by broadening internal and external financing channels to alleviate financing constraints, thereby preventing capital crowding-out between digital investment and green transformation; second, by providing talent cultivation and management information to help enterprises establish high-quality composite talent supply systems, promoting the upgrading of human capital structures; third, by enabling enterprises to acquire and integrate cutting-edge innovative knowledge through establishing shared R&D platforms and facilitating strategic technological cooperation, thereby enhancing innovation capabilities; fourth, by disseminating information regarding dual transformation synergy policies, progress, and outcomes, reducing concerns of both enterprises and investors about the "substantial investment with uncertain returns" nature of dual transformation synergy. Further analysis reveals that these positive effects are more pronounced for enterprises with higher internal control quality, those located in regions with stronger environmental regulations and higher marketization levels, and those in industries with urgent dual transformation synergy demands (e.g., electricity, heat, gas and water production and supply), labor-intensive industries (e.g., manufacturing), and asset-heavy industries (e.g., health and social work). Additionally, shareholder relationship networks formed by non-financial shareholders, non-state-owned shareholders, and cross-industry shareholders exert stronger facilitative effects on dual transformation synergy. This study provides practical insights for enhancing new quality productive forces and promoting sustainable economic development.
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