Hypothesis 1: Green finance significantly promotes the green transformation of the manufacturing industry

Logical explanation: Green finance, through financial products such as green credit and green bonds, effectively guides capital flows toward green technologies and environmental protection projects, driving upgrades in the manufacturing industry in terms of green technology, energy saving and emission reduction, and environmental standards. Empirical test: Use regression analysis to examine the impact of green finance on the green transformation of the manufacturing industry. Key indicators of green finance (such as the proportion of green credit, amount of green bond issuance) can be correlated with manufacturing green transformation metrics (such as green total factor productivity, carbon emission intensity) for analysis.