Randomized trial demonstrates improved carbon emission efficiency in manufacturing, indicating green finance benefits manufacturing sustainability.
Based on China’s provincial panel data from 2011 to 2023, this study employs the entropy weight method, the super-efficiency SBM model with undesirable outputs, and static as well as dynamic spatial econometric methods to investigate the impact of green finance on the carbon emission efficiency in the manufacturing industry. The results indicate that, first, green finance has a significant positive impact and spatial spillover effect on manufacturing carbon emission efficiency, meaning it can simultaneously promote the improvement of this efficiency in the province itself and in neighboring provinces. Second, from the perspective of the mechanism, green finance enhances manufacturing carbon emission efficiency and exerts its spatial spillover effect by promoting green technology innovation and reducing energy consumption intensity. Third, the level of regional digital development and the degree of financial deepening play a positive moderating role in the relationship between green finance and manufacturing carbon emission efficiency. Fourth, the impact of green finance exhibits heterogeneity, with the strongest effect in the eastern region, followed by the central region, and the weakest in the western region.
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Sun et al. (2026) studied this question.
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