From the perspective of the corporate life cycle, this study investigates the transmission mechanism of ‘technological innovation-financing constraints-carbon emission reduction’ in energy companies using panel data and mediating models, focusing on listed energy companies from 2014 to 2020. It explores the stage characteristics of this mechanism during different life cycle phases and conducts heterogeneity tests across industries and regions. The results reveal that technological innovation positively influences carbon emission reduction in energy enterprises, demonstrating significant life cycle stage characteristics, specifically more pronounced in mature companies than in growing or declining companies. Financing constraints play a mediating role between technological innovation and carbon reduction, but this is only effective during the growth and maturity stages. Further research shows that the impact of technological innovation on carbon emission reduction and the mediating role of financing constraints exhibit heterogeneity across different stages of the life cycle, industries, and regions. The conclusions of this paper provide references for energy companies in planning rational emission reduction strategies and for government departments in policy-making.

Berkhout, P. H., Muskens, J. C., & Velthuijsen J. W. (2020). Defining the rebound effect. Energy Policy, 28(6), 425-432. https://doi.org/10.1016/S0301-4215(00)00022-7

Cao, Z. (2009). Financial Support for Technological Innovation of Technology-based SMEs-A Study from the Perspective of Life Cycle. Scientific Management Research, 27(04), 112-116.

Chen, M., & Wang, K. (2023). The combining and cooperative effects of carbon price and technological innovation on carbon emission reduction: Evidence from China’s industrial enterprises. Journal of Environmental Management, 343, 118188. https://doi.org/10.1016/j.jenvman.2023.118188

Chen, S., Zou, Z., & Liu, D. (2015). The Impact of Technological Innovation Capability Life Cycle and R&D Investment on Corporate Performance. Science and Technology Progress and Policy, 32(12), 72-78.

Chen, X., & Chen, X. (2021). Media Pressure, Financing Constraints, and Industrial Enterprise Carbon Emissions-The Moderating Role of Green Invention Patents. Science and Technology Progress and Policy, 38(12), 69-78.

Dickinson, V. (2011). Cash Flow Patterns as a Proxy for Firm Life Cycle. The Accounting Review, 86(6), 1969–1994. https://doi.org/10.2308/accr-10130

Feng, G., Zheng, M., Wen, J., et al. (2021). What Factors Determine the Technological Innovation of Chinese Enterprises-A Re-empirical Study Based on Nine Major Chinese Economic Journals and A-share Listed Companies Data. China Industrial Economy, (01), 17-35.

Flammer, C. (2013). Corporate Social Responsibility and Shareholder Reaction: The Environmental Awareness of Investors. Academy of Management Journal, 56(3), 758–781. https://doi.org/10.5465/amj.2011.0744

Gu, H., Yang, W., Chen, W. (2022). A Study on the Effects of Green Technology Innovation on Urban Carbon Emission Reduction. Academic Exploration, 2022(03), 120-132.

Hadlock, C. J., & Pierce, J. R. (2010). New Evidence on Measuring Financial Constraints: Moving Beyond the KZ Index. Review of Financial Studies, 23(5), 1909–1940. https://doi.org/10.1093/rfs/hhq009

Haeussler, C., Harhoff, D., & Mueller, E. (2014). How patenting informs VC investors – The case of biotechnology. Research Policy, 43(8), 1286–1298. https://doi.org/10.1016/j.respol.2014.03.012

Han, Y., Fan, X., & Zhou, W. (2015). Knowledge Capital Accumulation, Group Operation, and R&D Performance of High-tech Enterprises-Based on the Knowledge Capital Dynamic Accumulation Model. Soft Science, 29(08), 14-19.

He, X., & Zhang, Y. (2012). Factors Affecting China's Industrial Carbon Emissions and the CKC Restructuring Effect-Based on the Industry-specific Dynamic Panel Data Empirical Study of the STIRPAT Model. China Industrial Economy, (01), 26-35.

Huang, H., Zhai, S., & Chen, J. (2016). Enterprise Life Cycle, Financing Methods, and Financing Constraints-Based on the Study of Investor Sentiment Moderating Effect. Financial Research, (07), 96-112.

Jaffe, A. B., Newell, R. G., & Stavins R. N. (2002). Environmental Policy and Technological Change. Environmental and Resource Economics, 22(2), 41-47. https://doi.org/10.1023/A:1015519401088

Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. American Economic Review, 76(2), 323-329.

Koke, J., Rozon, F., & McGregor, C. (2024). Analysing the Techno-Economic Viability of Different Solar Heating Systems in South African Beverage Plants. International Sustainable Energy Conference - Proceedings, 1. https://doi.org/10.52825/isec.v1i.1227

Kong, Y, Wang, Y., Jiao, Y., et al. (2021). Research on the Impact of Government Subsidies on Green Innovation of New Energy Enterprises-Based on the Perspective of Cournot Competition. Exploration of Economic Issues, (06), 71-81.

Li, G., Wu, H., Jiang, J., et al. (2023). Digital finance and the low-carbon energy transition (LCET) from the perspective of capital-biased technical progress. Energy Economics, 120, 106623. https://doi.org/10.1016/j.eneco.2023.106623

Lin, S., Zhang, Z., Liu, G. (2013). Technological Innovation, Spatial Agglomeration, and Regional Carbon Productivity. China Population, Resources and Environment, 23(05), 36-45.

Liu, S., Lin, Z., & Leng, Z. (2020). Has Tax Incentives Improved the Level of Corporate Innovation? A Test Based on the Theory of Enterprise Life Cycle. Economic Research, 55(06), 105-121.

Long, F., Qi, H., Liu, X., et al. (2016). The Response Mechanism and System Simulation of Corporate Carbon Emission Reduction Technology Innovation under Carbon Tax Scenario. Technology Economy, 35(08), 92-98.

Lü, H., & He, J. (2005). Characteristics of Technology-based SMEs in Their Life Cycle and Their Financing Strategies. Soft Science, (03), 44-47.

Mei, D., Yang, L., & Gao, S. (2022). Financing Constraints, Enterprise Heterogeneity, and the Policy Effects of VAT Reduction. China Industrial Economy, (05), 24-42.

Meng, D., & Li, Y. (2019). Patent Signals, Venture Capital Financing, and the Growth of Start-up Companies-Based on a Micro-survey Data Study of 178 Start-up Companies. Issues in Chinese Economic Reform, (02), 43-55.

National Bureau of Statistics. (2024). Available online: https://www.stats.gov.cn/ (accessed on 17 March 2024).

Omoyajowo, K. (2024). Transitioning to a Сlimate-Resilient Society: Empirical Evidence on What Drives the Adoption of Green Computing Policies in Nigerian Organisations. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.4793064

Ooba, M., Hayashi, K., Fujii, M., et al. (2015). A long-term assessment of ecological-economic sustainability of woody biomass production in Japan. Journal of Cleaner Production, 88, 318–325. https://doi.org/10.1016/j.jclepro.2014.09.072

Pan, M., & Wang, C. (2022). Research on the Emission Reduction Effect of Enterprises During the Pilot Phase of Carbon Emission Trading. Economic Perspectives, (10), 73-81.

Porter, M. E. (1991). Essay. Scientific American, 264(4), 168–168. https://doi.org/10.1038/scientificamerican0491-168

Ren, P., Yu, W., & Yang, A. (2004). A Study on the Life Cycle and Capability Strategy of Chinese Listed Companies Based on Management Entropy. China Industrial Economy, (10), 76-82.

Tong, J., Liu, S., & Lin, Z. (2018). Fiscal Subsidies, Life Cycle, and Enterprise R&D Innovation. Fiscal Research, (04), 33-47.

Wang, C., Wang, L., Zhao, S., et al. (2024). The impact of Fintech on corporate carbon emissions: Towards green and sustainable development. Business Strategy and the Environment. Portico. https://doi.org/10.1002/bse.3778

Wang, K, & Chen, Y. (2022). Research on the Identification of Disruptive Technologies Based on Patents from the Perspective of Technology Convergence. Journal of Intelligence, 41(04), 29-36.

Wang, S. (2011). Characteristics and Financing Policy Analysis of Small and Medium-sized Science and Technology Innovation Enterprises at Different Stages of Life Cycle. Science and Technology Progress and Policy, 28(10), 88-91.

Wang, X., & Gao, C. (2024). Does green finance policy help to improve carbon reduction welfare performance? Evidence from China. Energy Economics, 132, 107452. https://doi.org/10.1016/j.eneco.2024.107452

Wen, Z., & Ye, B. (2014). Analyses of Mediating Effects: The Development of Methods and Models. Advances in Psychological Science, 22(5), 731. https://doi.org/10.3724/sp.j.1042.2014.00731

Xie, B., & Li, S. (2018). Research on the Impact of Trade Openness, Technological Innovation on the Carbon Emission Performance of Manufacturing Industry in Western China. Science and Technology Management Research, 38(09), 84-90.

Xie, C., & Su, L. (2017). The Impact of Corporate Technological Innovation on the Cost of Equity Capital from the Perspective of Life Cycle. Science and Technology Management Research, 37(19), 15-21.

Yin, C., Sun, S., & Chen, M. (2022). Research on the High-quality Development Trend of Patents and Its Technology Innovation Driving Mechanism. Journal of Intelligence, 41(04), 70-76.

Yin, H., Wang, W, Wang, L, et al. (2020). How Does Low-carbon Technology Progress Suppress Carbon Emissions?-Evidence from China. Modernization of Management, 40(05), 90-94.

Yin, J., Zheng, M., & Chen, J. (2015). The effects of environmental regulation and technical progress on CO2 Kuznets curve: An evidence from China. Energy Policy, 77, 97–108. https://doi.org/10.1016/j.enpol.2014.11.008

Zhang, B., & Xu, K. (2013). Technological Progress and CO2 Emissions: An Empirical Analysis Based on Cross-national Panel Data. China Population, Resources and Environment, 23(09), 28-33.

Zhang, H., Wang, T., & Sun, Y. (2022). Digital Infrastructure and Technological Innovation of Manufacturing Enterprises-From the Perspective of Enterprise Life Cycle. Shanghai Economic Research, (08), 79-93.

Zhang, W., Tan, Q., M, H, et al. (2022). The Development Landscape of Carbon Peaking and Carbon Neutrality from a Transformational Perspective-Quantitative Analysis Based on Media Reports. Journal of Intelligence, 41(10),138-146.

Zhang, X., & Fan, D. (2021). Research on the Impact of the Carbon Emission Trading Market on Carbon Emission Reduction Efficiency-Based on the Empirical Analysis of the Dual Mediating Effects. Studies in Science of Science and Science and Technology Management, 42(11), 20-38.

Zhao, Q., Jiang, M., Zhao, Z., et al. (2024). The impact of green innovation on carbon reduction efficiency in China: Evidence from machine learning validation. Energy Economics, 133, 107525. https://doi.org/10.1016/j.eneco.2024.107525

Zhao, X., Guo, J. (2011). Technological Progress Factors and Their Dynamic Effects on China's Low-carbon Economic Development. Economic Dynamics, (05), 47-51.

Zheng, Y., & Jia, Y. (2018). Corporate Patents and External Financing-The Moderating Role of the Signaling Context. Science and Technology Progress and Policy, 35(20), 111-119.

Zheng, Y., Chen, C., & Ren, H. (2016). Patent Activities and Market Value-An Explanation Based on Signal Theory. Studies in Science of Science and Science and Technology Management, 37(03), 68-78.

Zhou, Y., & Lin, Y. (2007). Estimating the Return Effect of Energy Consumption on Technological Progress. The Economist, (02), 45-52.

Zhu, K., & Zhu, L. (2024). The Impact of Financing Constraints on Chinese High-Carbon Enterprises Carbon Emission Intensity: From the Perspective of Investment preferences. https://doi.org/10.2139/ssrn.4799304