Abstract
Amid the flourishing digital economy, digital finance overcomes the constraints of the conventional financial model and largely improves the supply efficiency and use of funds. This provides new opportunities for manufacturing corporations to improve their green innovation efficiency. Employing Chinese Shenzhen and Shanghai A-share listed manufacturing corporations between 2011 and 2021, this paper conducts an empirical analysis to study the effect of digital finance on corporate green innovation efficiency. Discoveries suggest that digital finance significantly improves manufacturing corporations’ green innovation efficiency. After a few robustness tests, the results are still accurate. According to a mechanism analysis, digital finance increases the effectiveness of green innovation in manufacturing corporations by removing financing constraints. According to the heterogeneity analysis, the impact of digital finance on manufacturing corporations exhibits distinctive financial and geographical regional heterogeneity, particularly accentuated in Zhejiang Province and the central and western regions. This paper can provide a valuable reference for digital finance in supporting manufacturing corporations in green innovation ventures and improving the level of green innovation in the context of digitalization.
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Notes
The eastern region includes Beijing, Shanghai, Tianjin, Hebei, Liaoning, Jiangsu, Zhejiang, Fujian, Shandong, Guangdong, and Hainan. The central and western regions include Chongqing, Shanxi, Anhui, Jiangxi, Henan, Hubei, Hunan, Inner Mongolia, Guangxi, Sichuan, Guizhou, Yunnan, Tibet, Shaanxi, Gansu, Qinghai, Ningxia, Xinjiang, Jilin, and Heilongjiang.
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All authors contributed to the study conception and design. Material preparation, data collection, and analysis were performed by Hongyu Lu and Zhao Cheng. The first draft of the manuscript was written by Hongyu Lu and all authors commented on previous versions of the manuscript. All authors read and approved the final manuscript.
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Lu, H., Cheng, Z. Digital finance and green innovation efficiency: empirical data from Chinese listed manufacturing companies. Environ Sci Pollut Res 31, 371–383 (2024). https://doi.org/10.1007/s11356-023-31153-9
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DOI: https://doi.org/10.1007/s11356-023-31153-9