Integration of technology and finance, digital transformation and corporate green innovation

Although research has investigated the influence of green financial policies and digital finance on innovation, the effects of policies promoting the integration of technology and finance, particularly in the context of digital transformation, remain underexplored. This study examines the impact of China's Pilot Policy of Promoting the Combination of Technology and Finance (PPCTF) on corporate green innovation, focusing on the moderating role of digital transformation. Using a difference-in-differences approach on panel data from Chinese A-share listed companies (2007–2022), we find that the PPCTF significantly improves corporate green innovation, with digital transformation positively moderating this relationship. Regional heterogeneity exists in the policy's effectiveness, with stronger effects observed in more developed areas. These findings underscore the importance of technology–finance integration and digital transformation in fostering green innovation and offering valuable insights for policymakers and corporate managers in promoting sustainable development in the digital age.