Does Green Finance Promote the Green Transformation of China’s Manufacturing Industry?

The green transformation of the manufacturing industry is related to low-carbon and development economy. study explored impact mechanism implementation finance policy on China’s from 2013 2021 three aspects capital formation incentive, credit catalysis, integration decentralization, conducted a quasi-natural experiment using difference-in-difference (DID) model. Research finds that: (1) significantly promotes has good sustainability. mechanisms fund orientation, decentralization are primary promote industry, effect apparent heterogeneity; (2) promoting solely vast in state-owned industries however now not enormous non-state-owned industries; (3) influence efficiency with better information environment more significant than worse environment; (4) Faced pressure investing industries, coping strategies adopted by enterprises different quite different. low-competition but insignificant high-competition industries. This enriched research policies, solutions based quasi-nature, provided references for industry.