How does Digital Technology Spillover Affect Corporate Energy Efficiency?

Existing research on digitalization's energy efficiency (EE) effects emphasizes supply chain and spatial spillovers, while neglecting industry-specific digital technology spillover (DTS). This paper utilizes panel data from Chinese industrial listed companies spanning 2009 to 2023 and employs a two-way fixed effects model to examine the impact of DTS on EE. We address endogeneity through Bartik-based instrumental variables and investigate how DTS influences EE. The findings are as follows: First, DTS significantly boosts corporate EE, a robust conclusion across various tests. Second, mechanism analysis reveals that DTS enhances EE by fostering technological innovation and improving supply chain efficiency. Third, heterogeneity analysis indicates that DTS has a more pronounced positive effect on non-state-owned firms, high-energy-consuming enterprises, firms with lower financing constraints, and firms in eastern regions. This study provides empirical evidence to inform policy strategies for leveraging DTS to enhance corporate EE, simultaneously advancing industrial decarbonization and China’s dual carbon goals.