【摘要】 企业绿色创新和数字化转型一直是学术界关注的焦点，但较少有研究将环境不确定性与之纳入同一框架，为此作出探索，从宏、微观视角总结企业面临的不确定性，包括经济政策、行业环境和投资者、供应商不可预测行为以及资本市场中的业绩异常波动等一系列因素，以沪深A股2016—2020年上市企业为样本，采用托宾（Tobit）回归方法检验环境不确定性对企业绿色创新的影响及作用路径，并探索数字化转型在其中的调节效应。结果发现：环境不确定性的持续攀升会通过降低管理层信心与提高融资约束等削弱企业进行绿色创新的积极性，由此显著降低了企业绿色创新能力，但此消极作用在重污染行业中并不显著；数字化转型能抵御环境不确定性给企业绿色创新带来的消极影响，有助于企业提高绿色创新能力，尤其在民营企业和数字金融水平较高的地区这种调节作用更为显著。因此，企业应将绿色创新作为长期的发展战略，而政府也应提高数字金融覆盖广度以及服务深度、完善数字金融监督体系，激励企业加快数字化转型。更多还原

【Abstract】 Corporate green innovation and digital transformation have been the focus of academic attention, but fewer studies have included environmental uncertainty in the same framework with it, so this paper tries to explore this.It summarizes the uncertainties faced by companies from macro and micro perspectives, including a series of factors,such as economic policies, industry environment, unpredictable behaviors of investors and suppliers, and abnormal performance fluctuations in the capital market, takes the listed enterprises in Shanghai and Shenzhen A-shares from 2016 to 2020 as samples, uses the Tobit regression to examine the impact of environmental uncertainty on corporate green innovation and its path of action, and explores the moderating effect of digital transformation in it. The results show that the continuous rise of environmental uncertainty reduces the incentive of green innovation by lowering management confidence and increasing financing constraints, which significantly reduces the green innovation capability of enterprises, but this negative effect is not significant in the heavy pollution industry; in addition, digital transformation can counteract the negative impact of environmental uncertainty on green innovation and help enterprises improve their green innovation capability, especially in private enterprises and regions with high level of digital finance. Therefore, enterprises should consider green innovation as a long-term development strategy, while the government should improve the breadth of digital financial coverage and depth of services, improve the digital financial supervision system, and motivate enterprises to accelerate digital transformation.更多还原