earticle

영어

With the deepening of the "dual carbon" goal in China, green innovation plays an increasingly crucial role in promoting green and low-carbon development. The core purpose of green innovation is to promote the construction of ecological civilization, by reducing energy consumption, pollution emissions, and improving the ecological environment, thereby achieving harmonious coexistence between humans and nature. As a key component of the national innovation system, the enterprise innovation system plays a crucial role in enhancing the overall strength of China's green innovation. In 2011, the Ministry of Science and Technology of China, together with the People's Bank of China and other departments, launched the "pilot project to promote the integration of science and technology with finance". The pilot aims to lay a practical foundation for the comprehensive promotion of technology finance work, create policy space, and accelerate the construction of a diversified, multi-level, and multi-channel technology investment and financing system. Can the implementation of pilot policies combining technology and finance become a new engine to incentivize green innovation in Chinese enterprises? Can this policy provide diversified green funding channels for Chinese enterprises, thereby stimulating their vitality and enthusiasm for green innovation? This study regards the 2011 technology and finance integration pilot policy as a quasi-natural experiment and uses data from China's A-share listed companies from 2007 to 2022 to examine the policy's effects and mechanisms on Chinese corporate green innovation through a difference-in-differences method. The findings are as follows: First, the technology-finance integration pilot policy significantly promotes Chinese corporate green innovation, a conclusion that remains robust across a series of robustness checks. Second, environmental information disclosure plays a key moderating role between the policy and green innovation. Third, heterogeneity analysis reveals that the policy’s effects are more pronounced in state-owned, high-tech, and low-pollution of Chinese enterprises. This article confirms the positive role of technology finance in promoting green innovation in enterprises, providing strong theoretical and empirical support for the promotion of technology finance combined with policies.