Hypothesis 4: Digital inclusive finance has a significant moderating effect on the impact of green finance in promoting the green transformation of the manufacturing industry

Logical explanation: As a tool that promotes financial inclusiveness and efficiency improvement, digital inclusive finance enhances the marginal effect of green finance on the green transformation of manufacturing. Especially in regions where small and medium enterprises and local governments lack sufficient support, digital inclusive finance can optimize the allocation of green financial resources through technological means, reduce information asymmetry and transaction costs, and further drive green transformation. Empirical test: Use an interaction term regression model by including the interaction between green finance and digital inclusive finance (GF × DIF) to examine their synergistic effect in promoting the green transformation of the manufacturing industry. Interaction term analysis can test whether digital inclusive finance significantly moderates the impact of green finance on the green transformation of manufacturing.