Research article

The impact of digital technology on enterprise green innovation: quality or quantity?

  • Received: 21 May 2024 Revised: 18 July 2024 Accepted: 14 August 2024 Published: 28 August 2024
  • JEL Codes: C1, C33, Q56

  • Digital technology promotes the dual transformation of enterprise digitization and greenization, thereby promoting the synergistic efficiency between the digital economy and the green economy. This paper collected financial data from 2010 to 2021 from Chinese listed companies on the Shanghai and Shenzhen stock exchanges. Through an in-depth semantic analysis of textual data, the study constructed an index to measure the level of enterprise digitization. Utilizing panel data models, the paper explored the impact of digital technology on enterprise green innovation and its mechanisms from the perspectives of quality and quantity. The research findings are as follows: (1) Digital technology significantly enhances the capability of enterprises for green innovation, with an emphasis on quality rather than quantity; (2) digital technology effectively alleviates financing constraints and information constraints, thereby enhancing the level of enterprise green innovation, but the former's effect is limited to small and medium-sized enterprises; (3) the "quality over quantity" effect of digital technology on enterprise green innovation is more pronounced in state-owned enterprises, non-heavy polluting industries, and enterprises located in regions with moderate to low levels of economic development.

    Citation: Xinyu Fu, Yanting Xu. The impact of digital technology on enterprise green innovation: quality or quantity?[J]. Green Finance, 2024, 6(3): 484-517. doi: 10.3934/GF.2024019

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  • Digital technology promotes the dual transformation of enterprise digitization and greenization, thereby promoting the synergistic efficiency between the digital economy and the green economy. This paper collected financial data from 2010 to 2021 from Chinese listed companies on the Shanghai and Shenzhen stock exchanges. Through an in-depth semantic analysis of textual data, the study constructed an index to measure the level of enterprise digitization. Utilizing panel data models, the paper explored the impact of digital technology on enterprise green innovation and its mechanisms from the perspectives of quality and quantity. The research findings are as follows: (1) Digital technology significantly enhances the capability of enterprises for green innovation, with an emphasis on quality rather than quantity; (2) digital technology effectively alleviates financing constraints and information constraints, thereby enhancing the level of enterprise green innovation, but the former's effect is limited to small and medium-sized enterprises; (3) the "quality over quantity" effect of digital technology on enterprise green innovation is more pronounced in state-owned enterprises, non-heavy polluting industries, and enterprises located in regions with moderate to low levels of economic development.



    Throughout this paper, N and Q are the set of all positive integers and rational numbers, respectively, N0:=N{0},R+:=[0,). Moreover, for the set X, we denote ntimesX×X××X by Xn. For any lN0,mN, t=(t1,,tm){1,1}m and x=(x1,,xm)Vm we write lx:=(lx1,,lxm) and tx:=(t1x1,,tmxm), where ra stands, as usual, for the rth power of an element a of the commutative group V.

    Let V be a commutative group, W be a linear space, and n2 be an integer. Recall from [15] that a mapping f:VnW is called multi-additive if it is additive (satisfies Cauchy's functional equation A(x+y)=A(x)+A(y)) in each variable. Some basic facts on such mappings can be found in [19] and many other sources, where their application to the representation of polynomial functions is also presented. Besides, f is said to be multi-quadratic if it is quadratic in each variable, i.e., it satisfies the quadratic equation

    Q(x+y)+Q(xy)=2Q(x)+2Q(y) (1.1)

    in each variable [14]. In [27], Zhao et al. proved that the mapping f:VnW is multi-quadratic if and only if the following relation holds.

    t{1,1}nf(x1+tx2)=2nj1,j2,,jn{1,2}f(x1j1,x2j2,,xnjn) (1.2)

    where xj=(x1j,x2j,,xnj)Vn with j{1,2}.

    The stability of a functional equation originated from a question raised by Ulam: “when is it true that the solution of an equation differing slightly from a given one must of necessity be close to the solution of the given equation?” (see [26]). The first answer (in the case of Cauchy's functional equation in Banach spaces) to Ulam's question was given by Hyers in [18]. Following his result, a great number of papers on the the stability problems of several functional equations have been extensively published as generalizing Ulam's problem and Hyers' theorem in various directions; see for instance [1,4,21,23,28], and the references given there.

    It is worth mentioning that the fixed point theorems have been considered for various mappings, integral and fractional equations in [3,12,13]. Some investigations have been carried out on the stability of functional equations via fixed point theorems in [5,6,7,11]. Moreover, the fixed point theorem were recently applied to obtain similar stability results in [9,16,22,25].

    In [14,15], Ciepliński studied the generalized Hyers-Ulam stability of multi-additive and multi-quadratic mappings in Banach spaces, respectively (see also [27]). Next, the stability of multi-Cauchy-Jensen mappings in non-Archimedean spaces are studied in [2] by applying the fixed point method, which was proved and used for the first time to investigate the Hyers-Ulam stability of functional equations in [11]. For more information about multi-quadratic, multi-cubic and multi-quartic mappings, we refer to [8,10,20,24].

    In this paper, we define the generalized multi-quadratic mappings and present a characterization of such mappings. In other words, we reduce the system of n equations defining the generalized multi-quadratic mappings to obtain a single functional equation. Then, we prove the generalized Hyers-Ulam stability of multi-quadratic mapping (which was recently introduced by Salimi and Bodaghi in [24]) in non-Archimedean normed spaces by a fixed point method.

    From now on, let V and W be vector spaces over Q, nN and xni=(xi1,xi2,,xin)Vn, where i{1,2}. Let lj{1,2}. Put

    Mni={x=(xl11,xl22,,xlnn)Vn|Card{lj:lj=1}=i}. (2.1)

    We shall denote xni and Mni by xi and Mi, respectively if there is no risk of ambiguity.

    A general form of (1.1), say the generalized quadratic functional equation is as follows:

    Q(ax+by)+Q(axby)=2a2Q(x)+2b2Q(y) (2.2)

    where a,b are the fixed non-zero numbers in Q. The mapping f:VnW is said to be generalized n-multi-quadratic or generalized multi-quadratic if f is generalized quadratic in each variable.

    Put n:={1,,n}, nN. For a subset T={j1,,ji} of n with 1j1<<jin and x=(x1,,xn)Vn,

    Tx:=(0,,0,xj1,0,,0,xji,0,,0)Vn

    denotes the vector which coincides with x in exactly those components, which are indexed by the elements of T and whose other components are set equal zero. Note that ϕx=0, nx=x. We use these notations in the proof of upcoming lemma.

    Let aQ be as in (2.2). We say the mapping f:VnW satisfies the r-power condition in the jth variable if

    f(z1,,zj1,azj,zj+1,,zn)=arf(z1,,zj1,zj,zj+1,,zn),

    for all (z1,,zn)Vn. In the sequel, (nk) is the binomial coefficient defined for all n,kN0 with nk by n!/(k!(nk)!). We shall to show that if a mapping f:VnW satisfies the equation

    q{1,1}nf(ax1+qbx2)=2nni=0a2ib2(ni)xMif(x), (2.3)

    where a,b are the fixed non-zero in Q with a+b1, then it is generalized multi-quadratic quadratic. In order to do this, we need the next lemma.

    Lemma 2.1. If the mapping f:VnW satisfies the Eq. (2.3) with 2-power condition in all variables, then f(x)=0 for any xVn with at least one component which is equal to zero.

    Proof. Putting x1=x2=(0,,0) in (2.3), we get

    2nf(0,,0)=2nni=0(ni)a2ib2(ni)f(0,,0)=2n(a+b)2nf(0,,0).

    Since a+b1, f(0,,0)=0. Letting x1k=0 for all k{1,,n}{j} and x2k=0 for 1kn in (2.3) and using f(0,,0)=0, we obtain

    2na2f(0,,0,x1j,0,,0)=2nf(0,,0,ax1j,0,,0)=2na2n1i=0(n1i)a2ib2(n1i)f(0,,0,x1j,0,,0)=2na2(a+b)2(n1)f(0,,0,x1j,0,,0).

    Hence, f(0,,0,x1j,0,,0)=0. We now assume that f(k1x1)=0 for 1kn1. We are going to show that f(kx1)=0. By assumptions, the above process can be repeated to obtain

    2nf(kx1)=2na2knki=0(nki)a2ib2(nki)f(kx1)=2na2k(a+b)2(nk)f(kx1), (2.4)

    where 1kn1 and so f(kx1)=0. This shows that f(x)=0 for any xVn with at least one component which is equal to zero.

    Theorem 2.2. Consider the mapping f:VnW. Then, the following assertions are equivalent:

    (ⅰ) f is generalized multi-quadratic;

    (ⅱ) f satisfies Eq. (2.3) with 2-power condition in all variables.

    Proof. (ⅰ)(ⅱ) We firstly note that it is not hard to show that f satisfies 2-power condition in all variables. We now prove that f satisfies Eq. (2.3) by induction on n. For n=1, it is trivial that f satisfies Eq. (2.2). Assume that (2.3) is valid for some positive integer n>1. Then,

    q{1,1}n+1f(axn+11+qbxn+12)=2a2q{1,1}nf(axn1+qbxn2,x1n+1)+2b2q{1,1}nf(axn1+qbxn2,x2n+1)=2n+1a2ni=0a2ib2(ni)xMnif(x,x1n+1)+2n+1b2ni=0a2ib2(ni)xMnif(x,x2n+1)=2n+1n+1i=0a2ib2(n+1i)xMn+1if(x).

    This means that (2.3) holds for n+1.

    (ⅱ)(ⅰ) Fix j{1,,n}, put x2k=0 for all k{1,,n}{j}. Using Lemma 2.1, we obtain

    2n1a2(n1)[f(x11,,x1j1,ax1j+bx2j,x1j+1,,x1n)+f(x11,,x1j1,ax1jbx2j,x1j+1,,x1n)]=2n1[f(ax11,,ax1j1,ax1j+bx2j,ax1j+1,,ax1n)+f(ax11,,ax1j1,ax1jbx2j,ax1j+1,,ax1n)]=2na2(n1)[a2f(x11,,x1j1,x1j,x1j+1,,x1n)+b2f(x11,,x1j1,x2j,x1j+1,,x1n)]. (2.5)

    It follows from relation (2.5) that f is quadratic in the jth variable. Since j is arbitrary, we obtain the desired result.

    An special case of (2.2) is the following quadratic functional equation when a=b=12.

    2Q(x+y2)+2Q(xy2)=Q(x)+Q(y). (3.1)

    A mapping f:VnW is called n-multi-quadratic or multi-quadratic if f is quadratic in each variable (see Eq. (3.1)). It is shown in [24, Proposition 2.2] (without extra 2-power condition in each variable) that a mapping f:VnW is multi-quadratic if and only if it satisfies the equation

    2nq{1,1}nf(x1+qx22)=l1,,ln{1,2}f(xl11,xl22,,xlnn). (3.2)

    In this section, we prove the generalized Hyers-Ulam stability of Eq. (3.2) in non-Archimedean spaces.

    We recall some basic facts concerning non-Archimedean spaces and some preliminary results. By a non-Archimedean field we mean a field K equipped with a function (valuation) || from K into [0,) such that |r|=0 if and only if r=0, |rs|=|r||s|, and |r+s| max{|r|,|s|} for all r,sK. Clearly |1|=|1|=1 and |n|1 for all nN.

    Let X be a vector space over a scalar field K with a non-Archimedean non-trivial valuation ||. A function :XR is a non-Archimedean norm (valuation) if it satisfies the following conditions:

    (ⅰ) x=0 if and only if x=0;

    (ⅱ) rx=|r|x,(xX,rK);

    (ⅲ) the strong triangle inequality (ultrametric); namely,

    x+ymax{x,y}(x,yX).

    Then (X,) is called a non-Archimedean normed space. Due to the fact that

    xnxmmax{xj+1xj;mjn1}(nm)

    a sequence {xn} is Cauchy if and only if {xn+1xn} converges to zero in a non-Archimedean normed space X. By a complete non-Archimedean normed space we mean one in which every Cauchy sequence is convergent.

    In [17], Hensel discovered the p-adic numbers as a number theoretical analogue of power series in complex analysis. The most interesting example of non-Archimedean normed spaces is p-adic numbers. A key property of p-adic numbers is that they do not satisfy the Archimedean axiom: for all x,y>0, there exists an integer n such that x<ny.

    Let p be a prime number. For any non-zero rational number x=prmn in which m and n are coprime to the prime number p. Consider the p-adic absolute value |x|p=pr on Q. It is easy to check that || is a non-Archimedean norm on Q. The completion of Q with respect to || which is denoted by Qp is said to be the p-adic number field. One should remember that if p>2, then |2n| = 1 in for all integers n.

    Throughout, for two sets A and B, the set of all mappings from A to B is denoted by BA. The proof is based on a fixed point result that can be derived from [11, Theorem 1]. To present it, we introduce the following three hypotheses:

    (H1) E is a nonempty set, Y is a complete non-Archimedean normed space over a non-Archimedean field of the characteristic different from 2, jN, g1,,gj:EE and L1,,Lj:ER+,

    (H2) T:YEYE is an operator satisfying the inequality

    Tλ(x)Tμ(x)maxi{1,,j}Li(x)λ(gi(x))μ(gi(x)),λ,μYE,xE,

    (H3) Λ:RE+RE+ is an operator defined through

    Λδ(x):=maxi{1,,j}Li(x)δ(gi(x))δRE+,xE.

    Here, we highlight the following theorem which is a fundamental result in fixed point theory [11]. This result plays a key role in obtaining our goal in this paper.

    Theorem 3.1. Let hypotheses (H1)-(H3) hold and the function ϵ:ER+ and the mapping φ:EY fulfill the following two conditions:

    Tφ(x)φ(x)ϵ(x),limlΛlϵ(x)=0(xE).

    Then, for every xE, the limit limlTlφ(x)=:ψ(x) and the function ψYE, defined in this way, is a fixed point of T with

    φ(x)ψ(x)suplN0Λlϵ(x)(xE).

    Here and subsequently, given the mapping f:VnW, we consider the difference operator Γf:Vn×VnW by

    Γf(x1,x2)=2nq{1,1}nf(x1+qx22)l1,,ln{1,2}f(xl11,xl22,,xlnn).

    In the sequel, S stands for {0,1}n. With these notations, we have the upcoming result.

    Theorem 3.2. Let V be a linear space and W be a complete non-Archimedean normed space over a non-Archimedean field of the characteristic different from 2. Suppose that ϕ:Vn×VnR+ is a mapping satisfying the equality

    liml(1|2|2n)lmaxsSϕ(2l(sx1,sx2))=0 (3.3)

    for all x1,x2Vn. Assume also f:VnW is a mapping satisfying the inequality

    Γf(x1,x2)ϕ(x1,x2) (3.4)

    for all x1,x2Vn. Then, there exists a unique multi-quadratic mapping Q:VnW such that

    f(x)Q(x)suplN0(1|2|2n)l+1maxsSϕ(2lsx,0) (3.5)

    for all xVn.

    Proof. Replacing x=x1=(x11,,x1n),x2=(x21,,x2n) by 2x1,(0,,0) in (3.4), respectively, we have

    22nf(x)sSf(2sx)ϕ(2x,0) (3.6)

    for all xVn. Inequality (3.6) implies that

    f(x)Tf(x)ξ(x) (3.7)

    for all xVn, where ξ(x):=1|2|2nϕ(2x,0) and Tf(x):=122nsSf(2sx). Define Λη(x):=maxsS1|2|2nη(2sx) for all ηRVn+,xVn. It is easy to see that Λ has the form described in (H3) with E=Vn, gi(x):=gs(x)=2sx for all xVn and Li(x)=1|2|2n for any i. Moreover, for each λ,μWVn and xVn, we get

    Tλ(x)Tμ(x)maxsS1|2|2nλ(2sx)μ(2sx).

    The above inequality shows that the hypothesis (H2) holds. By induction on l, one can check that for any lN and xVn that

    Λlξ(x):=(1|2|2n)lmaxsSξ(2lsx) (3.8)

    for all xVn. Indeed, by definition of Λ, equality (3.8) is true for l=1. If (3.8) holds for lN, then

    Λl+1ξ(x)=Λ(Λlξ(x))=Λ((1|2|2n)lmaxsSξ(2lsx))=(1|2|2n)lmaxsSΛ(ξ(2lsx))=(1|2|2n)l+1maxsSξ(2l+1sx)

    for all xVn. Relations (3.7) and (3.8) necessitate that all assumptions of Theorem 3.1 are satisfied. Hence, there exists a unique mapping Q:VnW such that Q(x)=liml(Tlf)(x) for all xVn, and also (3.5) holds. We are going to show that

    Γ(Tlf)(x1,x2)(1|2|2n)lmaxsSϕ(2lsx1,2lsx2) (3.9)

    for all x1,x2Vn and lN. We argue by induction on l. For l=1 and for all x1,x2Vn, we have

    Γ(Tf)(x1,x2)=2nq{1,1}n(Tf)(x1+qx22)l1,,ln{1,2}(Tf)(xl11,xl22,,xlnn)=12nq{1,1}nsSf(sx1+sqx2)122nl1,,ln{1,2}sSf(2sxl11,2sxl22,,2sxlnn)=122nsSΓ(f)(2(sx1,sx2))1|2|2nmaxsSΓ(f)(2(sx1,sx2))1|2|2nmaxsSϕ(2(sx1,sx2))

    for all x1,x2Vn. Assume that (3.9) is true for an lN. Then

    Γ(Tl+1f)(x1,x2)=2nq{1,1}n(Tl+1f)(x1+qx22)l1,,ln{1,2}(Tl+1f)(xl11,xl22,,xlnn)=12nq{1,1}nsSTlf(sx1+sqx2)122nl1,,ln{1,2}sSTlf(2sxl11,2sxl22,,2sxlnn)=122nsSΓ(Tlf)(2(sx1,sx2))1|2|2nmaxsSΓ(Tlf)(2(sx1,sx2))(1|2|2n)l+1maxsSϕ(2l+1(sx1,sx2)) (3.10)

    for all x1,x2Vn. Letting l in (3.9) and applying (3.3), we arrive at ΓQ(x1,x2)=0 for all x1,x2Vn. This means that the mapping Q satisfies (3.2) and the proof is now completed.

    The following example is an application of Theorem 3.2 concerning the stability of multi-quadratic mappings when the norm of Γf(x1,x2) is controlled by the powers sum of norms of components of vectors x1 and x2 in Vn.

    Example 3.3. Let pR fulfills p>2n. Let V be a normed space and W be a complete non-Archimedean normed space over a non-Archimedean field of the characteristic different from 2 such that |2|<1. Suppose that f:VnW is a mapping satisfying the inequality

    Γf(x1,x2)2k=1nj=1xkjp

    for all x1,x2Vn. Putting ϕ(x1,x2)=2k=1nj=1xkjp, we have ϕ(2lx1,2lx2)=|2|lpϕ(x1,x2) and so

    liml(1|2|2n)lmaxsS2k=1nj=12lsxkjp=liml(|2|p|2|2n)l2k=1nj=1xkjp=0

    for all x1,x2Vn. On the other hand,

    suplN(1|2|2n)l+1maxsSϕ(2lsx,0)=1|2|2nnj=1x1jp.

    By Theorem 3.2, there exists a unique multi-quadratic mapping Q:VnW such that

    f(x)Q(x)1|2|2nnj=1x1jp

    for all xVn.

    Recall that a functional equation F is hyperstable if any mapping f satisfying the equation F approximately is a true solution of F. Under some conditions functional Eq. (3.2) can be hyperstable as follows.

    Corollary 3.4. Suppose that pkj>0 for k{1,2} and j{1,,n} fulfill 2k=1nj=1pkj>2n. Let V be a normed space and W be a complete non-Archimedean normed space over a non-Archimedean field of the characterisitic different from 2 such that |2|<1. If f:VnW is a mapping satifying the inequality

    Γf(x1,x2)2k=1nj=1xkjpkj

    for all x1,x2Vn, then f is multi-quadratic.

    The authors sincerely thank the anonymous reviewers for their careful reading, constructive comments and suggesting some related references to improve the quality of the first draft of paper.

    The authors declare no conflicts of interest.



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