The impact of digital transformation on the sustainable development of enterprises: an analysis from the perspective of digital finance

This study examines the impact of digital transformation on green innovation in manufacturing firms and its underlying transmission mechanisms, using a sample of A-share listed manufacturing companies in Shanghai and Shenzhen from 2011 to 2022. It also explores the external supportive role of digital finance. The findings reveal that digital transformation significantly enhances firms' green innovation capabilities, with this effect primarily driven by two mechanisms: the "risk effect" and the "reputation effect." Contextual analysis indicates that in regions with more advanced digital financial development, state-owned enterprises benefit more from digital transformation in promoting green innovation. However, the green innovation-driving effect of digital transformation in non-state-owned enterprises is inhibited in such regions. Further analysis shows that digital transformation also improves the efficiency of green innovation. These findings provide theoretical support for deepening the digital transformation of manufacturing enterprises and promoting high-quality economic development.