Green technology innovation and ESG performance——Based on the data of 4,137 listed companies in China

Green technology innovation is a key driver for the green transformation of production and lifestyle, and for achieving sustainable development. It is also an essential path for companies to achieve transformation and upgrading, enhancing their core competitiveness. Based on stakeholder theory and signaling theory, this paper selects panel data from listed companies in Shanghai and Shenzhen from 2015 to 2023 as research samples, studying the impact and mechanism of green technology innovation on ESG performance. The study finds that green technology innovation can significantly improve corporate ESG performance. Mechanism analysis shows that digital technology innovation can enhance corporate ESG performance by reducing financing constraints, broadening financing channels,boosting innovation-driven competitiveness, and enhancing risk resistance. Heterogeneity analysis indicates that digital technology innovation has a more significant effect on improving ESG performance in companies with higher R&D investment levels, non-polluting industries, and manufacturing enterprises. Further analysis reveals that fintech policies positively promote the improvement of ESG performance through green technology innovation, with the promotion of environmental and social responsibility sub-dimensions being particularly significant. The conclusions provide microeconomic evidence for how green technology innovation empowers corporate ESG performance, offering important references for companies to enhance their technological innovation capabilities and implement ESG concepts in the digital context.