FinTech harnesses emerging technologies to drive corporate innovation, playing a crucial role in promoting green technological advancement and serving as a key pathway towards global sustainable development. This study employs a multi-sector technological progress model to examine firms' R&D activities and interactions with financial institutions, investigating the impact and mechanisms of FinTech on green technological innovation. An empirical analysis is conducted using the Double Machine Learning (DML) approach, which addresses the curse of dimensionality and mitigates multicollinearity in high-dimensional data. The findings reveal that FinTech significantly enhances manufacturing enterprises' preference for green technological innovation, a conclusion that remains robust across various sensitivity tests. Additionally, FinTech fosters green innovation by alleviating financing constraints, increasing internal R&D investment, and expanding the number of R&D personnel. Furthermore, corporate environmental information disclosure and alignment with government policies positively moderate this process, amplifying FinTech's role in driving green technological progress. These findings provide scientific empirical evidence and policy insights to optimize the effectiveness of FinTech in promoting green innovation in manufacturing enterprises, contributing to the realization of national sustainable development goals.
Bu et al. (2025) studied this question.
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