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The impact of regional science and technology finance level on corporate green innovation

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  • Zeng, Chunying
  • Zhang, Miding
  • Wang, Xiatong

Abstract

This paper empirically examines the impact mechanism of regional fintech development level on corporate green technological innovation using the progressive difference-in-differences model based on data from Shanghai and Shenzhen A-share listed companies from 2008 to 2024. The study finds that: regional fintech policies significantly promote corporate green technological innovation through optimizing financial resource allocation and reducing innovation risks, validating the "fintech-finance-green" collaborative development logic; executive green cognition plays a crucial mediating role in the transmission of policy effects, with policies shaping managerial cognition to drive corporate green strategic transformation; and there is significant heterogeneity in policy effects across firms with different digitalization levels. Low-digitalization firms rely more on external policy support for green innovation breakthroughs, while high-digitalization firms have developed endogenous innovation capabilities and exhibit reduced policy dependence.

Suggested Citation

  • Zeng, Chunying & Zhang, Miding & Wang, Xiatong, 2026. "The impact of regional science and technology finance level on corporate green innovation," Finance Research Letters, Elsevier, vol. 87(C).
    • Handle: RePEc:eee:finlet:v:87:y:2026:i:c:s154461232502344x
    DOI: 10.1016/j.frl.2025.109095
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