Robustness test.

The digital transformation of the manufacturing industry is closely linked to green credit policies, which jointly promote the development of the manufacturing industry towards a more environmentally friendly, efficient and sustainable development. Based on the research sample of China’s manufacturing A-share listed companies from 2008 to 2022, this paper uses the difference-in- differences (DID) method to analyze the impact of green credit policies on the digital transformation of heavily polluting enterprises. The results show that green credit policies significantly inhibit the digital transformation of heavily polluting enterprises. In terms of the adjustment mechanism, the R&D investment of enterprises and the financial background of senior executives have weakened the inhibitory effect of green credit policies on the digital transformation of heavily polluting enterprises. When the R&D investment is low, the inhibitory effect of the policy is more significant, but with the increase of R&D investment, the inhibitory effect of the policy gradually weakens, indicating that there is a substitution relationship between the two. Enterprises with senior financial expertise have a deeper understanding of financial feasibility and benefit analysis, and are more receptive to the high-risk investment of digital transformation, while their financial network resources can help broaden financing channels, reduce financing constraints, and further reduce the financial difficulty of digital transformation. In addition, the green credit policy has a stronger inhibitory effect on the digital transformation of non-state-owned enterprises and enterprises that do not hold bank shares. The conclusions of this paper are expected to provide some policy implications for the subsequent green credit policies in promoting the digital transformation of the manufacturing industry.