Digital Finance, Financing Constraints, and Green Innovation in Chinese Firms: The Roles of Management Power and CSR

Qiong Zhang () and Zhihong Mao
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Qiong Zhang: School of Business and Management, Jilin University, Changchun 130012, China
Zhihong Mao: School of Business and Management, Jilin University, Changchun 130012, China

Sustainability, 2025, vol. 17, issue 15, 1-39

Abstract: With the increasing global emphasis on sustainable development goals, and in the context of pursuing high-quality sustainable development of the economy and enterprises, this study empirically examines the effect of digital finance on corporate financing constraints and the impact on corporate green innovation with a sample of China’s A-share-listed companies in the period of 2011–2020 and explores the issue from the perspectives of management power and corporate social responsibility (CSR) at the micro level of enterprises. The empirical results show that digital finance can indeed alleviate corporate financing constraints. Still, the synergistic effect of the two on corporate green innovation produces a “quantitative and qualitative separation” effect, which only promotes the enhancement of iconic green innovation, and the effect on substantive green innovation is not obvious. The power of management and CSR performanceshave different moderating roles in the alleviation of financing constraints by the empowerment of digital finance. Management power and corporate social responsibility have different moderating effects on digital financial empowerment to alleviate financing constraints. The findings of this study enrich the research in related fields and provide more basis for the promotion of digital financial policies and more solutions for the high-quality development of enterprises.

Keywords: corporate social responsibility; digital finance; financing constraints; green innovation; management power (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2025
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