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Science and technology finance policy, green innovation and corporate ESG performance

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  • Ma, Tianming
  • Shi, Xiaoru
  • Zhao, Xing

Abstract

This paper takes China's A-share listed companies from 2008 to 2024 as the research sample and empirically examines the impact and mechanism of the science and technology innovation finance reform pilot zone policy on corporate Environmental, Social, and Governance (ESG) performance using the Difference-in-Differences (DID) model. The findings reveal that: science and technology finance policies significantly enhance corporate ESG performance; green innovation and the alleviation of financing constraints serve as dual mediating pathways through which the policy influences ESG performance. Specifically, the policy indirectly promotes ESG improvement by driving green technology research and development and easing financing constraints; the policy effects exhibit significant heterogeneity. High-tech enterprises, due to their high technological sensitivity and strong innovation capabilities, respond more actively to the policy, resulting in a more pronounced improvement in ESG performance.

Suggested Citation

  • Ma, Tianming & Shi, Xiaoru & Zhao, Xing, 2026. "Science and technology finance policy, green innovation and corporate ESG performance," Finance Research Letters, Elsevier, vol. 99(C).
    • Handle: RePEc:eee:finlet:v:99:y:2026:i:c:s1544612326004459
    DOI: 10.1016/j.frl.2026.109916
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