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Panel study uncovers a U-shaped impact of green technology innovation on enterprise value in manufacturing firms, indicating gains via ESG ratings and lower financing constraints.
In the context of the national innovation-driven strategy, green technology innovation in manufacturing enterprises is not only an effective way to address current environmental challenges but also an important strategy for achieving long-term stable development. Focusing on publicly listed manufacturing enterprises, this study explores the nonlinear and lagged effects of green technology innovation and the mediating roles of ESG performance and financing constraints based on observations from 2010 to 2024. The results indicate a positive U-shaped relationship between green technology innovation and enterprise value, along with a lagged effect. Furthermore, green technology innovation can indirectly influence enterprise value creation by enhancing ESG performance and reducing financing constraints. The conclusions are validated through endogeneity and robustness tests. Further heterogeneity analysis shows that the impact of green technology innovation on value creation is more significant in enterprises located in eastern regions and non-state-owned enterprises. This study provides a theoretical basis for enhancing corporate green technology innovation and promoting high-quality technological and economic development in the country.
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Wang et al. (2026) studied this question.
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