Min Pan, Jie Meng
Amid China’s push for digital transformation, green technology innovation has become a vital pathway to achieving its carbon neutrality goals. Using panel data from Chinese A-share-listed companies between 2012 and 2023, sourced from the CNRDS and CSMAR databases, this study employs a two-way fixed effects model to examine how digital transformation affects green innovation. In this model, carbon information disclosure serves as a mediator and is measured through text analysis and entropy weighting, while media attention is included as a moderator. The results show that: (1) Digital transformation significantly promotes green technology innovation, with a one-unit increase in the digitalization index raising green patent applications by 4.45%; upon controlling for potential path dependence, the effect remains stable at 3.76%. (2) Carbon information disclosure plays a partial mediating role. (3) Media attention moderates both the direct effect of digital transformation and the first stage of the indirect effect through carbon information disclosure. (4) Heterogeneity analyses, supplemented by inter-group difference tests, reveal stronger effects in state-owned enterprises, firms in western China, and larger firms. The study concludes with practical recommendations for corporate practice and public policy.