Descriptive statistics.

The study endeavors to empirically assess the influence of digital finance on promoting enterprise green innovation, while simultaneously probing its underlying mechanisms, by leveraging panel data from a sample of 2071 China A-share listed firms over an extensive time frame spanning from 2011 to 2021. The findings demonstrate that digital finance plays a crucial role in promoting enterprise green innovation, and that both the coverage breadth and usage depth of digital finance have a significant effect on enterprise green innovation, but the digitization level of digital finance also has a non-significant effect on enterprise green innovation, and the conclusions hold even after multiple robustness tests and consideration of endogeneity issues. Furthermore, heterogeneity analysis reveals that digital finance is only has a significant promoting effect on green innovation of SMEs, and high-tech enterprises. After conducting the mechanism analysis, it has been noted that digital finance serves as a facilitator in promoting green innovation in enterprises by reducing information asymmetry, stimulating consumer demand, and attenuating the distortion of regional factor markets. Intellectual property protection and environmental governance will strengthen the positive impact of digital finance on enterprises’ green innovation. The research results provide policy implications for the green development of digital finance enabling enterprises.

本研究以2011至2021年共计2071家中国A股上市公司的面板数据为样本，旨在实证检验数字金融（digital finance）对企业绿色创新的助推效应，并深入探究其内在作用机制。研究结果表明，数字金融对企业绿色创新具有关键促进作用；其中，数字金融的覆盖广度与使用深度均对企业绿色创新产生显著正向影响，而数字金融的数字化程度则未表现出显著作用。且上述结论在经过多重稳健性检验与内生性问题处理后依然成立。进一步的异质性分析显示，数字金融仅对中小企业（SMEs）与高新技术企业的绿色创新具有显著促进作用。机制分析结果表明，数字金融可通过缓解信息不对称、刺激消费需求以及弱化区域要素市场扭曲三条路径，助力企业绿色创新活动开展。知识产权保护与环境治理水平的提升，会强化数字金融对企业绿色创新的正向赋能效应。本研究结果为数字金融赋能企业绿色发展提供了政策启示。