Digital–Intelligent Empowerment and Firm-Embedded Modernization of the New Energy Industry Chain: A Micro-Level Mechanism Analysis Based on Firm-Level Evidence

In the context of accelerating global transitions toward low-carbon and digitally enabled energy systems, firm-embedded new energy industry chain modernization (NEICM) has become a critical pathway for industrial upgrading. This study examines the relationship between digital–intelligent empowerment (DIE) and firm-embedded NEICM based on a panel dataset of Chinese A-share listed new energy firms from 2010 to 2024. This study develops a firm-level DIE measure based on publicly disclosed digital–intelligent transformation practices, serving as an observable proxy for firms’ disclosed efforts in applying intelligent technologies, improving information integration, and enhancing organizational coordination. It also constructs a multidimensional firm-embedded NEICM index covering efficiency, resilience, innovation, sustainability, and value creation. A two-way fixed effects model is employed to examine the relationship between DIE and NEICM, with robustness tests and instrumental variable approaches further employed to address potential endogeneity concerns. The empirical results show that DIE has a significant positive relationship with NEICM, and the findings remain robust under alternative specifications and endogeneity treatments. Further heterogeneity analysis shows that the impact of DIE on NEICM varies across firm characteristics. Specifically, the positive effect of DIE is more evident among high-tech firms and large-scale firms, while significant positive effects are observed across firms with different levels of energy intensity. Mechanism analysis indicates that DIE promotes NEICM through enhancing information transparency and alleviating financing constraints. Moreover, ESG performance strengthens the positive relationship between DIE and NEICM, highlighting the importance of corporate sustainability governance.