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ISSN:2325-6192 (print)
ISSN:2325-6206 (online)
Journal of Environmental Accounting and Management
António Mendes Lopes (editor), Jiazhong Zhang(editor)
António Mendes Lopes (editor)

University of Porto, Portugal

Email: aml@fe.up.pt

Jiazhong Zhang (editor)

School of Energy and Power Engineering, Xi'an Jiaotong University, Xi'an, Shaanxi Province 710049, China

Fax: +86 29 82668723 Email: jzzhang@mail.xjtu.edu.cn

Can Digital Finance Enhance Corporate Green Innovation Efficiency?

Journal of Environmental Accounting and Management 14(3) (2026) 391--407 | DOI:10.5890/JEAM.2026.09.002

Jian Wang, Na Gui, Jiaying Yan

School of Finance and Economics, Jiangsu University, Xuefu Road 301, Zhenjiang 212013, Jiangsu, China

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Abstract

As the role and importance of financial support for the development of the real economy have significantly increased, whether digital finance can enhance corporate green innovation efficiency has become a hot topic of social concern. This paper uses data from A-share listed companies between 2011 and 2022, supported by the Digital Inclusive Finance Index developed by Peking University. A two-way fixed effects model, mediation effects model, and threshold effects model are employed to systematically examine the impact of digital finance on corporate green innovation efficiency. The results indicate that: (1) Digital finance can significantly improve corporate green innovation efficiency. This conclusion remains valid after a series of robustness checks; (2) Mechanism analysis reveals that digital platforms and transaction cost reduction are the primary channels of influence; Moreover, we identify a threshold effect: the positive impact diminishes with higher levels of digital finance coverage. (3) Heterogeneity tests indicate stronger effects among state-owned enterprises, high-tech firms, and low-pollution industries. These findings highlight the need for differentiated digital finance policies and green-oriented platform construction to support innovation efficiency under varying economic conditions.

Acknowledgments

This research is supported by College Student Scientific Research Project of Jiangsu University (Project No. KYCX24_3881).

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