The Incentive Effect of Fintech Policies on Corporate Green Technological Innovation: A Study Based on the Chinese A-Share Market

Abstract

Against the backdrop of the rapid development of global fintech, the formulation and implementation of China's fintech policies have attracted widespread attention. These policies not only affect the financing efficiency and market competitiveness of enterprises but also have a profound impact on their green technological innovation. This paper analyzes data from Chinese A-share listed companies between 2007 and 2022 to explore how fintech policies specifically influence corporate green technological innovation. The research findings indicate that fintech policies have significantly promoted the green technological innovation of enterprises. This discovery remains robust after various robustness tests, including parallel trend tests, variable and model changes, sample adjustments, and propensity score matching methods. Further analysis reveals that the impact of fintech policies on green technological innovation is particularly significant for enterprises with weaker profitability, shorter establishment time, non-Big Four accounting firm audits, and smaller scales. Mechanism analysis further points out that fintech policies effectively reduce the costs and agency problems in the green technological innovation process by alleviating financing constraints. This study not only provides theoretical support for the economic effects of fintech policies but also offers empirical evidence for policymakers on how to use fintech policies to promote corporate green technological innovation, which has important practical value for promoting corporate sustainable development and addressing global climate change.