Wang Chuhong, Yin Xin, Yu Fangkun
School of Economics, Fujian Normal University, Fuzhou, 350117, China.
Jiangxi Normal University Science and Technology College, Jiujiang, 332020, China.
J Environ Manage. 2025 Sep;392:126605. doi: 10.1016/j.jenvman.2025.126605. Epub 2025 Jul 26.
Financial technology (FinTech) has emerged as an increasingly prominent force in driving industrial structural transformation and fostering green economic development. This study takes Chinese listed enterprises from 2011 to 2023 as the research sample, employing a word frequency statistics method to measure FinTech development levels and examine its impact on corporate green innovation. The findings are as follows: First, FinTech significantly enhances corporate green innovation capabilities, with a stronger promotion effect on strategic innovation compared to substantive innovation. These conclusions remain robust after a series of sensitivity tests. Second, heterogeneity analysis reveals that FinTech's role in driving green innovation is more pronounced among high managers' cognitive endowments enterprises, non-state-owned enterprises, and non-heavily polluting enterprises. Furthermore, mechanism tests indicate that FinTech facilitates corporate green innovation through channels such as improving management capabilities and alleviating corporate financing constraints. Third, financial regulation suppresses FinTech's promotion of corporate green innovation, particularly exerting negative effects on FinTech's impact on substantive green innovation. Finally, this paper proposes corresponding policy implications based on the research findings, aiming to further enhance FinTech's empowerment capabilities and promote sustained corporate green innovation.
金融科技（FinTech）已成为推动产业结构转型和促进绿色经济发展的一股日益突出的力量。本研究以2011年至2023年的中国上市公司为研究样本，采用词频统计方法来衡量金融科技发展水平，并考察其对企业绿色创新的影响。研究结果如下：第一，金融科技显著提升企业绿色创新能力，对战略创新的促进作用强于实质性创新。经过一系列敏感性测试后，这些结论依然稳健。第二，异质性分析表明，金融科技在推动绿色创新方面的作用在高管认知禀赋企业、非国有企业和非重污染企业中更为显著。此外，机制测试表明，金融科技通过提高管理能力和缓解企业融资约束等渠道促进企业绿色创新。第三，金融监管抑制了金融科技对企业绿色创新的促进作用，尤其对金融科技对实质性绿色创新的影响产生负面影响。最后，本文基于研究结果提出了相应的政策建议，旨在进一步提升金融科技的赋能能力，促进企业绿色创新持续发展。
