When Does Fintech Translate into Corporate Green Innovation? Evidence on Governance Capacity, Capital Horizon, and Firm Heterogeneity

Against the backdrop of intensifying global climate change and resource constraints, green innovation has become increasingly important to high-quality development. This study examines the effect of financial technology (fintech) development on corporate green innovation and the mechanisms through which this effect operates. Using a firm-level panel of 4,327 Chinese A-share listed companies from 2011 to 2024, comprising 34,842 firm-year observations, the analysis focuses on the mediating roles of financing constraints and digital transformation and the moderating roles of internal control quality and patient capital. The results show that fintech development significantly enhances corporate green innovation by alleviating financing constraints and facilitating digital transformation. The effect also exhibits meaningful heterogeneity across firms with different factor intensities and among “Specialized and Sophisticated” SMEs. In addition, stronger internal control and greater patient capital reinforce the positive effect of fintech on green innovation. These findings clarify the financial, technological, and governance channels through which fintech supports corporate green innovation and provide firm-level evidence for improving the coordination of digital finance and green development.