The efficiency of sustainable growth has recently become a challenge attracting controversy. This paper provides a new investigation on the effect of digital finance on green innovation by solving the extreme corporate environment, social, and governance (ESG) hypocrisy resistance in firm behaviors. By constructing a unique panel of data spanning from 2013 to 2019, we draw several findings. First, our fundamental result shows that digital finance empowerment can significantly increase green innovation performance. It reveals that digital finance empowerment works efficiently by decreasing the extreme ESG hypocrisy resistance measured by greenwashing. Second, considering the heterogeneous analysis, our results indicate that digital finance empowerment better solves greenwashing issues to improve green innovation for non-state-owned firms, heavily polluting firms, and highly competitive firms. Third, concerning the mechanism's explorations, digital finance empowerment reduces extreme ESG hypocrisy resistance by alleviating financial constraints and compressing management and financial cost. Our findings suggest that regulators can accelerate the financial market's digitization, principally in pursuit of sustainable growth effects.

可持续增长的效率最近成为一个备受争议的挑战。本文通过解决企业行为中极端的企业环境、社会和治理 (ESG) 虚伪抵制，对数字金融对绿色创新的影响进行了新的调查。通过构建 2013 年至 2019 年的独特数据面板，我们得出了几个发现。首先，我们的基本结果表明，数字金融赋能可以显着提高绿色创新绩效。它揭示了数字金融赋能通过减少由漂绿衡量的极端 ESG 虚伪抵抗来有效地发挥作用。其次，考虑到异质性分析，我们的结果表明，数字金融赋能更好地解决了洗绿问题，以促进非国有企业的绿色创新，污染严重的企业和竞争激烈的企业。第三，在机制探索方面，数字金融赋能通过缓解财务约束、压缩管理和财务成本，降低极端ESG虚伪抵制。我们的研究结果表明，监管机构可以加速金融市场的数字化，主要是为了追求可持续的增长效应。