Research on the Impact of Digital Inclusive Finance on Green Innovation Efficiency of Manufacturing Enterprises——A Dual Perspective of Financing Constraints and Information Transparency

Manufacturing enterprises are a crucial pillar of China's real economy, yet they currently face challenges such as low independent innovation efficiency and difficulties in green transformation. Digital inclusive finance (DIF), by reconstructing the financial ecosystem through technology, serves as a vital tool to narrow social wealth gaps and support the green transformation of the real economy, particularly manufacturing enterprises. This study empirically examines the impact mechanism of DIF on green innovation efficiency in Chinese listed manufacturing enterprises using panel data from 2010 to 2022, focusing on the mediating roles of financing constraints and information transparency. The findings reveal that: (1) DIF significantly enhances green innovation efficiency; (2) Alleviating financing constraints and improving information transparency are core mediating pathways; (3) Heterogeneity analysis indicates that DIF significantly promotes green innovation efficiency in large and small enterprises, while medium-sized enterprises exhibit weaker effects due to "resource allocation dilemmas." This research provides theoretical insights for optimizing digital finance policies and addressing bottlenecks in the green transformation of manufacturing enterprises.