Abstract
In an era where digital technology spearheads high-quality economic growth, its fusion with traditional financial services has revolutionized the supply, process, and efficiency of these services. This integration provides precise and effective touchpoints for financial services in the real economy. This study, using data from all A-share listed companies in Shanghai and Shenzhen, empirically examines how digital finance boosts green technological innovation in enterprises and explores the underlying mechanisms. The findings reveal that digital finance significantly enhances green innovation by optimizing financial resource allocation and easing firms' financing constraints. The impact of digital finance is more pronounced in enterprises with broader reach, deeper application, higher pollution levels, and those outside the high-tech sector. Further analysis distinguishes the types of green innovation, noting that digital finance more effectively supports inventive innovation in non-polluting and non-high-tech firms, while significantly aiding practical innovation in heavily polluting companies. Additionally, the study finds that the beneficial impact of digital finance on green innovation also boosts overall corporate productivity.
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