How does the “pecking order” of financing channels drive green innovation efficiency? The agency cost mechanism of heterogeneous financing preferences in new energy enterprises under dual carbon goals

Against the backdrop of China's “Dual Carbon” Goals, enhancing green innovation efficiency of new energy enterprises is pivotal for low-carbon transformation, with financing channel suitability directly impacting green innovation resource allocation and R&D capabilities. Utilizing panel data from Chinese listed new energy companies from 2010 to 2023 and drawing on the Pecking Order Theory, this study systematically analyzes how various funding channels affect green innovation. Empirical results reveal that: (1) Both internal and external financing significantly boost green innovation efficiency, with external financing having a stronger effect; (2) Among external financing types, equity financing enhances efficiency significantly, while debt financing shows no impact; (3) Effects vary by property rights, corporate lifecycle, industry competition intensity, and financing constraints; (4) Financing channels influence efficiency via agency costs, with internal controls, public attention, and economic policy uncertainty moderating this relationship; (5) Categorizing green innovation into substantive and strategic types reveals divergent effects of financing channels. This research expands the Pecking Order Theory's application and offers insights for policy design and corporate capital allocation.