Can Digital Finance Enhance Corporate Green Innovation Efficiency?
DOI:
https://doi.org/10.5890/JEAM.2026.09.002Abstract
As the role and importance of financial support for the development of the real economy have significantly increased, whether digital finance can enhance corporate green innovation efficiency has become a hot topic of social concern. This paper uses data from A-share listed companies between 2011 and 2022, supported by the Digital Inclusive Finance Index developed by Peking University. A two-way fixed effects model, mediation effects model, and threshold effects model are employed to systematically examine the impact of digital finance on corporate green innovation efficiency. The results indicate that: (1) Digital finance can significantly improve corporate green innovation efficiency. This conclusion remains valid after a series of robustness checks; (2) Mechanism analysis reveals that digital platforms and transaction cost reduction are the primary channels of influence; Moreover, we identify a threshold effect: the positive impact diminishes with higher levels of digital finance coverage. (3) Heterogeneity tests indicate stronger effects among state-owned enterprises, high-tech firms, and low-pollution industries. These findings highlight the need for differentiated digital finance policies and green-oriented platform construction to support innovation efficiency under varying economic conditions.References
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