Digital Empowerment and Enterprise Carbon Risk Management: Evidence from Manufacturing Sector

The paper addresses the imperative of empowering enterprises to achieve energy savings and emission reductions through digital development amidst the backdrop of peak carbon dioxide emissions and carbon neutrality. This study integrates digital empowerment and enterprise carbon risk management into a unified analytical framework, utilising panel data from listed companies spanning from 2011 to 2020 as research samples. The empirical investigation aims to ascertain whether there exist carbon risks impacting the operational performance of manufacturing enterprises and whether digital empowerment can mitigate these risks. The findings reveal that carbon intensity exerts an inhibitory influence on the enhancement of enterprise performance, indicating the presence of carbon risk issues faced by enterprises. Furthermore, it is observed that these carbon risk challenges escalate over time, a trend supported by robustness tests. Digital empowerment emerges as an effective mechanism in slowing down the carbon risks encountered by enterprises, albeit exhibiting characteristics of time lag. The study identifies notable heterogeneity in the role of digital empowerment in mitigating the carbon risks of enterprises.