Evaluating the synergistic effects of the digital economy and carbon emission trade exchange on enterprise high-quality development

Digital economy and carbon reduction are the keys to sustainable development. However, whether these two policy tools synergistically affect enterprise remains inconclusive. The implementation of the National Big Data Comprehensive Pilot Zone and the Carbon Emission Trading Pilot Policy in China provides a unique opportunity for empirical examination. Building on a panel dataset of A-share-listed manufacturing enterprises from 2010 to 2021 in China, this study investigates the synergistic effects of the two pilot policies on enterprise high-quality development (HQD). The empirical results indicate the following: 1. The implementation of the two pilot policies has positive effects on enterprise HQD. 2. Heterogeneity analysis shows that the two pilot policies exhibit stronger effects on non-state-owned enterprises, high-tech enterprises, heavy-polluting enterprises, and enterprises registered in the core cities. 3. Carbon reduction can synergize with the digital economy to effectively promote enterprise HQD. 4. The synergistic effects can be further strengthened by the digital development environment, the level of data utilization, and resource allocation efficiency. These findings provide both theoretical and practical implications for shaping policy frameworks to consolidate sustainable development.