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Green finance as a digital catalyst: Policy-driven FinTech adoption and spillover effect in supply chains

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  • Li, Yushi
  • Wang, Zhewei

Abstract

Exploiting China's Green Finance Reform and Innovation Pilot Zones as a quasi-natural experiment, this study examines the impact of green finance policy on firm-level FinTech adoption and its spillover effects along the supply chain. Using a difference-in-differences design, we find that the policy significantly promotes FinTech adoption among focal manufacturing firms—a result robust to parallel trends, placebo, PSM-DID, and alternative measurement tests. The effect is concentrated in high-tech firms and those facing high financing constraints. Mechanism analysis reveals that the policy operates through two complementary pathways: enhancing firms' environmental training to build cognitive readiness, and increasing investment in digital intangible assets to provide the necessary infrastructure. Furthermore, we document significant positive spillovers, as the policy also enhances FinTech adoption among upstream suppliers and downstream customers. These findings reveal the dual role of green finance in advancing both sustainability and digital transformation, offering novel insights into policy-driven technological diffusion across inter-firm networks.

Suggested Citation

  • Li, Yushi & Wang, Zhewei, 2026. "Green finance as a digital catalyst: Policy-driven FinTech adoption and spillover effect in supply chains," Structural Change and Economic Dynamics, Elsevier, vol. 79(C), pages 525-537.
    • Handle: RePEc:eee:streco:v:79:y:2026:i:c:p:525-537
    DOI: 10.1016/j.strueco.2026.06.008
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