Sustainability, Journal Year: 2025, Volume and Issue: 17(6), P. 2332 - 2332

Published: March 7, 2025

Based on the quasi-natural experiment of “the pilot policy combining science and technology with finance” (Sci-Tech Finance policy) carried out in China recent years, this paper constructs a multi-stage difference-in-differences model to explore its impact corporate ESG performance influence mechanisms. The main research findings are as follows: (1) Sci-Tech significantly enhances performance, finding that remains consistent after conducting parallel trends testing, propensity score matching, placebo tests. (2) promotes through three intermediary channels, namely alleviating financial constraints, improving total factor productivity, enhancing green innovation. Notably, first two channels exhibit most prominent effects. (3) exhibits heterogeneity at both regional levels; it demonstrates more pronounced corporates located Eastern Region, within high digital economic zones, among high-tech, capital-intensive, heavily polluting, state-owned corporates. (4) has apparent spatial spillover effects accounting for about 8% direct effect areas. This study enriches literature impacts behaviors, providing insights government regulatory authorities leverage policies promote sustainable development.

Language: Английский