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Towards green transformation: Digital finance and green technology innovation in renewable energy enterprises

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  • Zhao, Xing
  • Chen, Xinya
  • Lee, Chien-Chiang

Abstract

Green technology innovation (GTI) in renewable energy enterprises is fundamental to integrating innovation-driven growth with green development, achieving an energy-efficient and eco-friendly society. However, research on the link between DFI and GTI in renewable energy enterprises remains limited. This article draws on information asymmetry theory, the resource-based view, and social responsibility theory to offer an innovative theoretical framework for analyzing the role of DFI in GTI in renewable energy enterprises. Using China's A-share renewable energy enterprises from 2011 to 2023, this paper applies a fixed-effect (FE) regression model to investigate the impact of DFI on GTI in renewable energy enterprises. The results show that DFI plays a particularly significant role in promoting GTI in photovoltaic and multiple renewable energy enterprises. Additionally, this promotion effect is more pronounced for renewable energy enterprises with high ESG, low economic policy uncertainty perception (PEPU), and diversified business (BD). DFI enhances GTI in renewable energy enterprises by alleviating financing constraints (FIC), accelerating digital transformation (DIT), enhancing green development concern (GDC), and promoting R&D cooperation (RDC). Furthermore, DFI not only stimulates GTI in local renewable energy enterprises but also promotes GTI in renewable energy enterprises in neighboring cities. These findings enrich the literature on DFI and GTI and provide valuable insights for DFI through targeted allocation pathways in renewable energy enterprises, guiding local governments to enhance energy supply system resilience and realize sustainable development goals.

Suggested Citation

  • Zhao, Xing & Chen, Xinya & Lee, Chien-Chiang, 2026. "Towards green transformation: Digital finance and green technology innovation in renewable energy enterprises," Renewable Energy, Elsevier, vol. 259(C).
    • Handle: RePEc:eee:renene:v:259:y:2026:i:c:s0960148125027016
    DOI: 10.1016/j.renene.2025.125037
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