Financial-industrial integration, green technology innovation, and enterprise's green development performance: an empirical analysis of 625 listed industrial enterprises of China

Based on the panel data of 625 industrial listed enterprises of China from 2012 to 2020, this paper employs the method of propensity score matching-difference in difference to investigate the effect of financial-industrial integration on the enterprise's green development performance and the moderating role of green technology innovation on the relationship between the two is also addressed. It finds that first, financial-industrial integration has a significant promoting effect on the improvement in green development performance of enterprises, and green technology innovation has a positive moderating effect on the relationship between the two. In addition, the effect of financial-industrial integration on enterprise's economic and social performance is not significant, and it mainly promotes enterprise's green development by stimulating environmental performance. Moreover, the degree of financial-industrial integration has a moderate range in which the role of financial-industrial integration can be better played. Further, compared with state-owned enterprise and large-scale enterprise, financial-industrial integration is more conducive to the green development of non-state-owned enterprises and small-scale enterprises.