ORIGINAL RESEARCH
Promoting Corporate Low-carbon
Transition: Pathway Selection of Low-carbon
Innovation Triggered by Digital Finance
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School of Accounting, Zhejiang Gongshang University, Hangzhou, 310018, China
Submission date: 2024-09-18
Final revision date: 2024-10-24
Acceptance date: 2024-12-08
Online publication date: 2025-05-09
Corresponding author
Shiyao Fang
School of Accounting, Zhejiang Gongshang University, Hangzhou, 310018, China
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ABSTRACT
Fully exploring the impact of digital finance (DF) on corporate carbon emissions (CCE) can provide
a valuable reference for optimizing the supply of digital financial products and promoting corporate
low-carbon transitions. Based on the sample of listed companies in China, this study investigates
the relationship between DF and CCE and conducts a detailed analysis of the low-carbon technology
innovation path. The following was found: (1) DF can significantly reduce CCE, and this effect exhibits a
significant positive spatial spillover characteristic. (2) The micro carbon reduction effects of DF are more
evident in manufacturing firms and firms with higher executive green cognition. (3) DF can suppress
carbon dioxide emissions by enhancing the quantity and quality of corporate low-carbon innovation.
Government carbon regulations and corporate ESG rating events can both positively moderate the lowcarbon
innovation quantity path, but only mandatory carbon regulations exhibit positive moderating
effects on the low-carbon innovation quality path. (4) In terms of technical difficulty, DF can
significantly promote substantive low-carbon technology innovation rather than strategic innovation. In
terms of technology type, DF can promote innovation in carbon reduction technology rather than zerocarbon
and negative-carbon technologies.