Cui Qian^*

Jinan University

Abstract：

Supporting advance manufacturing green innovation helps meet stay-at-home orders and promotes quality economic growth. This paper covers the 2012-2023 data of the selected listed companies in the advanced manufacturing industry in China's A-share market. It explains the influence of digital finance on green innovation in advanced manufacturing industries via the moderated mediation model and the mediation of financing constraints. It also shows the moderating effect of pledged equity. From the data, digital finance in developing countries such as China promotes advanced manufacturing industries to engage in green innovation and broadens financing constraints to ease restrictions on companies; while the degree of equity pledge by controlling shareholders has a significant negative moderating effect on this mediating path. This paper makes up for the deficiencies in industrial specificity and mechanism integrity in existing research. This also provides new ideas for green innovation in advanced manufacturing enterprises, diversification of digital financial products, and improvement of regulatory policies.

Key Words：

digital finance; advanced manufacturing; green innovation; finance constraint; equity pledge