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

Green technology innovation and ESG performance——Based on the data of 4,137 listed companies in China | Research Square window.SnipcartSettings = { analytics: { enabled: false } }; (function() { var accessVector = localStorage.getItem('access_vector') || ''; window.dataLayer = window.dataLayer || []; if (accessVector) { window.dataLayer.push({ user: { profile: { profileInfo: { snid: accessVector } } } }); } })(); (function(w,d,s,l,i){w[l]=w[l]||[];w[l].push({'gtm.start':new Date().getTime(),event:'gtm.js'});var f=d.getElementsByTagName(s)[0],j=d.createElement(s),dl=l!='dataLayer'?'&l='+l:'';j.async=true;j.src='https://www.googletagmanager.com/gtm.js?id='+i+dl;f.parentNode.insertBefore(j,f);})(window,document,'script','dataLayer','GTM-K279D39R'); Browse Preprints In Review Journals COVID-19 Preprints AJE Video Bytes Research Tools Research Promotion AJE Professional Editing AJE Rubriq About Preprint Platform In Review Editorial Policies Our Team Advisory Board Help Center Sign In Submit a Preprint Cite Share Download PDF Article Green technology innovation and ESG performance——Based on the data of 4,137 listed companies in China Yong Jiao, Ziyu Wu This is a preprint; it has not been peer reviewed by a journal. https://doi.org/ 10.21203/rs.3.rs-7232416/v1 This work is licensed under a CC BY 4.0 License Status: Under Review Version 1 posted 11 You are reading this latest preprint version Abstract 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. Earth and environmental sciences/Environmental sciences Earth and environmental sciences/Environmental social sciences Social science/Environmental studies green technology innovation ESG performance fintech policy high-quality development Full Text Additional Declarations No competing interests reported. Cite Share Download PDF Status: Under Review Version 1 posted Reviews received at journal 09 Mar, 2026 Reviews received at journal 09 Mar, 2026 Reviews received at journal 04 Mar, 2026 Reviewers agreed at journal 19 Feb, 2026 Reviewers agreed at journal 18 Feb, 2026 Reviewers agreed at journal 17 Feb, 2026 Reviewers agreed at journal 16 Feb, 2026 Reviewers invited by journal 31 Oct, 2025 Editor assigned by journal 26 Sep, 2025 Submission checks completed at journal 12 Sep, 2025 First submitted to journal 12 Sep, 2025 You are reading this latest preprint version Research Square lets you share your work early, gain feedback from the community, and start making changes to your manuscript prior to peer review in a journal. As a division of Research Square Company, we’re committed to making research communication faster, fairer, and more useful. We do this by developing innovative software and high quality services for the global research community. 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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\u0026amp;D investment levels, non-polluting industries, and manufacturing enterprises. 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