Forging a path to sustainability: the impact of Fintech on corporate ESG performance
利用中国主要企业过去十年的数据，研究发现城市层面金融科技发展通过促进绿色创新、缓解金融错配和环境不确定性，显著提升了企业ESG表现，且对非高科技、非高污染和劳动密集型企业影响更强。
Emerging development of Fintech has raised widespread attention to its important role in shaping corporate ESG performance despite little in-depth research. We study the impact of Fintech on corporate ESG performance using a comprehensive dataset covering major China’s firms over the past decade. The Fintech development at the city level is measured via an entropy method based on information gathering from firms and households. Drawn on a panel data estimation with two-way fixed effects, our findings show that corporate ESG performance improves with Fintech development. Promotion of green innovation, mitigation of financial mismatch, and environmental uncertainty are found to serve as the three mediating channels that drive the relationship between Fintech and corporate ESG performance. The positive impact of Fintech is shown to be more pronounced in firms with non-high-tech, non-high-polluting, and labor-intensive features. Further analysis indicates that Fintech strengthens in the enterprises’ green value through perspectives of green total factor productivity and green investment.