Digital finance and green innovation: unraveling linkages amidst digital-green dual imperatives

Confronted with strategic imperatives of digitalization and green development, enterprises must accelerate dual transformations. This study empirically investigates the impact of digital finance on corporate green innovation, leveraging a dataset of Chinese listed companies from 2011 to 2022. The mechanism analysis reveals dual transmission pathways: strengthening internal digital transformation capabilities to optimize innovation processes, and improving information transparency to alleviate financing constraints. Notably, government intervention positively moderates this relationship, amplifying the synergistic effect between digital finance and green innovation. This study advances the theoretical frontiers of digital finance’s impact mechanisms on green innovation, and provides actionable policy insights for achieving digital-green dual imperatives, particularly regarding synergistic government-market coordination.