Information Transparency and Green Innovation in Manufacturing: A Life Cycle Perspective with Industry Heterogeneity Analysis

The inherent "double externalities" of green innovation frequently result in insufficient R&D motivation among enterprises. However, enhanced information transparency can amplify market recognition and value expectations, thereby generating a "green subsidy" effect. Leveraging micro-level data from A-share manufacturing firms listed on the Shanghai and Shenzhen Stock Exchanges (2006-2023), this study empirically investigates the causal relationship between information transparency and green innovation from new perspectives of enterprise life cycle and industry heterogeneity. By integrating six high-energy-consuming sectors, we classify heavy-polluting manufacturing industries into high-energy-consuming and non-high-energy-consuming categories to explore heterogeneous effects across sub-dimensions. Key findings include: (1) Information transparency significantly stimulates green innovation within the manufacturing sector, with pronounced positive impacts on both substantive and strategic innovation practices. (2) Mediation mechanisms have three channels: mitigating financing constraints, strengthening internal controls, and enhancing operational efficiency. Concurrently, environmental regulations, government interventions, and market competition emerge as critical external moderators. (3) Threshold regression analysis reveals a nonlinear transition "insignificant → strong positive drive", with a single marketization threshold 6.1710. (4) Heterogeneity tests demonstrate that the innovation-enhancing effects are more salient in enterprises at growth/maturity stages, heavy-polluting industries, and high-tech and capital-intensive sectors.