Tests for digitization threshold effects.

In the context of the rapid development of the global digital economy, it is of great significance to explore the greening transformation of the manufacturing industry from the micro-perspective of enterprise digital development. This paper empirically examines the impact and mechanism of enterprise digital development on the greening transformation of the manufacturing industry using the 2010–2020 data of Chinese A-share listed companies in the manufacturing industry as a sample. The study shows that enterprise digital development can significantly promote the greening transformation of China’s manufacturing industry, and this conclusion still holds after a series of robustness tests. Technological innovation and financing constraints are important mediating mechanisms. Further research found that the impact of enterprise digital development on the greening transformation of China’s manufacturing industry has a positive nonlinear effect, and its marginal effect shows a weakening trend. Heterogeneity analysis shows that, from the perspective of micro characteristics, digital development is more able to promote the green transformation of state-owned and large enterprises. From a macro-regional perspective, digital development can better promote the green transformation of the manufacturing industry in eastern cities, key city clusters, and high-level cities. The findings of this paper can provide corresponding insights for "revitalizing the manufacturing industry", and also provide decision-making references for countries aiming to make the manufacturing industry bigger and stronger.在全球数字经济高速发展的背景下，从企业数字化发展的微观维度切入探讨制造业绿色转型，具备重要的研究价值与现实意义。本文以2010-2020年中国A股制造业上市公司数据为研究样本，实证检验了企业数字化发展对制造业绿色转型的影响及其作用机制。研究结果表明，企业数字化发展能够显著推动中国制造业绿色转型，且这一结论在经过一系列稳健性检验后依然成立。技术创新与融资约束是其中重要的中介传导路径。进一步研究发现，企业数字化发展对中国制造业绿色转型的影响存在正向非线性效应，且其边际效应呈现逐步减弱的趋势。异质性分析结果显示：从微观特征维度来看，数字化发展对国有企业与大型企业的绿色转型推动作用更为显著；从宏观区域视角来看，数字化发展能够更好地推动东部城市、重点城市群以及高等级城市的制造业绿色转型。本文研究结论可为“制造业振兴”战略提供相应的理论启示，同时也可为旨在推动制造业做强做优的各国提供决策参考。