Economic consequences test.

This study investigates how digital transformation influences corporate greenwashing and promotes genuine sustainable development, drawing on the framework of fraud risk factors. Based on panel data from Chinese publicly listed companies between 2009 and 2022, a two-way fixed effects model is employed, with endogeneity addressed through difference-in-differences and instrumental variable techniques. The results show that digital transformation significantly curbs greenwashing by mitigating motivations, reducing opportunities, and enhancing exposure. The effect is stronger for growth- or mature-stage enterprises, non-myopic firms, and regions with low regulatory intensity and high environmental awareness. Furthermore, a double-threshold effect is identified, with the inhibitory role of digital transformation becoming more significant at intermediate and advanced stages. Importantly, digital transformation reduces greenwashing without compromising firms’ financial or sustainable performance. These results provide actionable insights for businesses and policymakers in curbing greenwashing and advancing sustainable development.本研究依托欺诈风险因素框架，探究数字化转型对企业漂绿（corporate greenwashing）行为的影响及其对真正可持续发展的推动作用。本研究以2009至2022年中国A股上市公司的面板数据为样本，采用双向固定效应模型开展实证分析，并通过双重差分法与工具变量法处理内生性问题。研究结果表明，数字化转型可通过弱化漂绿动机、缩减漂绿机会、提升漂绿曝光程度，显著抑制企业漂绿行为。该抑制效应在成长期或成熟期企业、非短视型企业，以及监管强度较低、环境意识较高的地区更为显著。此外，本研究还识别出双重门槛效应：数字化转型的抑制作用在中级与高级发展阶段会愈发凸显。值得注意的是，数字化转型在抑制漂绿的同时，并不会损害企业的财务绩效或可持续发展绩效。本研究结论可为企业与政策制定者遏制漂绿行为、推进可持续发展提供切实可行的实践启示。