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Integration of technology and finance, digital transformation and corporate green innovation

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  • Yang, Yanwu
  • Ren, Haili
  • Liu, Yutong
  • Yang, Yusen

Abstract

Although research has investigated the influence of green financial policies and digital finance on innovation, the effects of policies promoting the integration of technology and finance, particularly in the context of digital transformation, remain underexplored. This study examines the impact of China's Pilot Policy of Promoting the Combination of Technology and Finance (PPCTF) on corporate green innovation, focusing on the moderating role of digital transformation. Using a difference-in-differences approach on panel data from Chinese A-share listed companies (2007–2022), we find that the PPCTF significantly improves corporate green innovation, with digital transformation positively moderating this relationship. Regional heterogeneity exists in the policy's effectiveness, with stronger effects observed in more developed areas. These findings underscore the importance of technology–finance integration and digital transformation in fostering green innovation and offering valuable insights for policymakers and corporate managers in promoting sustainable development in the digital age.

Suggested Citation

  • Yang, Yanwu & Ren, Haili & Liu, Yutong & Yang, Yusen, 2025. "Integration of technology and finance, digital transformation and corporate green innovation," Finance Research Letters, Elsevier, vol. 71(C).
    • Handle: RePEc:eee:finlet:v:71:y:2025:i:c:s1544612324014739
    DOI: 10.1016/j.frl.2024.106444
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    More about this item

    Keywords

    Green Innovation; Technology–Finance Integration; Digital Transformation; Policy Effectiveness; Regional Heterogeneity;
    All these keywords.

    JEL classification:

    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • Q55 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Technological Innovation
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • R11 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes

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