Green Technological Innovation's Effect on Alleviating Financing Constraints——Dual Pathways of Performance Enhancement and ESG Disclosure Signaling
Gu Shuibin1, Feng Chujian2
1. School of Finance and Economics,Jiangsu University,Zhenjiang 212013,China; 2. Chinese Academy of Science and Technology Development,Beijing 100038,China
Abstract：This study examines the coupling relationship between green technological innovation and financing constraints by proposing a dual mediation mechanism of“performance enhancement”and“signal transmission.”Using data from China's A-share listed companies between 2009 and 2024,this study empirically tests this mechanism.The results show that green technological innovation significantly mitigates financing constraints,primarily achieved through pathways of improving financial performance and signaling via ESG information disclosure.Further analysis confirms that this dual mediation mechanism is significantly effective in both debt financing and equity financing.This research provides a deeper understanding of how green technology innovation alleviates financing constraints and offers direct theoretical and empirical support for relevant policy formulation.
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