How does FinTech promote enterprise green innovation? From perspectives of ESG and digital intelligence

This paper investigates the influencing mechanism of financial technology (FinTech) on enterprise green innovation (EGI) in China. Firstly, a digital dictionary is constructed by machine learning method, further a digital intelligence index is established through text analysis of annual reports of listed companies. Secondly, the influencing mechanism of FinTech on EGI is explored by two-way fixed effect and mediation effect models from the perspectives of environmental, social and governance (ESG) and digital intelligence, as well as the synergy effect of ESG and digital intelligence. Finally, the nonlinear relationship between FinTech and EGI is analyzed by the threshold model. The empirical results indicate that FinTech can effectively enhance the EGI through ESG and digital intelligence; FinTech is more effective for empowering EGI in non-state-owned enterprises, non-heavily-polluting enterprises, and high-tech enterprises; There is a threshold effect on research and development ( R&D) investment of enterprises, and FinTech significantly promotes EGI when R&D investment exceeds the threshold value. We expect this study to provide empirical evidence for formulating diversified green finance policies.