Abstract
ABSTRACT Sustainable finance (SF) has become a potential financing channel for the manufacturing sector because green finance has intensified the transition financing dilemma for brown sectors. This study investigates whether SF can promote green transition in the manufacturing sector (MT) under this financing dilemma, and the role of green technology innovation (GTI), the technology market (TM), and government guidance (GVG) in such a relationship. Using the data from 30 Chinese provinces from 2011 to 2020, this study first constructs comprehensive evaluation indicator systems for SF and MT and then applies the chain-mediation model and moderated chain-mediation model. The findings show that SF has a significantly positive influence on MT. The influence mechanism demonstrates that GTI-TM is a vital influence channel for SF to promote MT. GVG can moderate the chain-mediation effect of GTI and TM. These findings have important implications for promoting MT through SF.
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