Climate-resilient cities for green innovation in enterprises: New perspective based on Fintech

Abstract

Building climate-resilient cities is a crucial endeavor aimed at improving sustainable development and the green innovation capabilities of enterprises, with the climate-adaptive cities pilot policy serving as a prime example. This study employs panel data from Chinese A-share listed enterprises spanning 2011 to 2022 and implements a Difference-in-Difference (DID) model to assess the effect of the climate-adaptive cities pilot strategy on corporate green innovation. The results indicate that the pilot policy for climate-adaptive urban significantly enhance corporate green innovation. The heterogeneity tests show that the effects of the pilot policy are more significant in economically developed regions, light pollution industries, and state-owned enterprises. R&D intensity, investment efficiency, and finance constraints are critical mechanisms via which pilot policy foster corporate green innovation. Fintech substantially enhances the beneficial effects of pilot policy on corporate green innovation. Thus, climate-resilient city pilot construction must deepen, with strengthened safeguards, timely second-batch pilots, localized measures, comprehensive financing support, and amplified policy effects for high-quality development.

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