Exploring green finance’s influence on green innovation efficiency of high-tech manufacturing industry: an innovation value chain perspective

Weibo Jin, Xuewei Yang, Yuqi Zhang, Shiping Wu, Yao Xu and Yi Zhang

Journal of Sustainable Finance & Investment, 2026, vol. 16, issue 2, 427-466

Abstract: Based on provincial-level panel data from China spanning 2010 to 2022, this study employs mediation effect models and spatial econometric models to investigate the intrinsic mechanisms through which green finance drives green innovation efficiency in high-tech manufacturing. Findings reveal that green finance effectively enhances green innovation efficiency in high-tech manufacturing, with results passing robustness tests. Mechanism analysis indicates that innovation factor mobility and industrial agglomeration levels partially mediate this relationship. Heterogeneity analysis shows that green finance's impact on green innovation efficiency is more pronounced in regions with low financial technology, low economic development, and low industrial agglomeration, while regions with stringent environmental regulations exhibit stronger driving effects. Spatial correlation analysis indicates that green finance development effectively enhances the green innovation efficiency of high-tech manufacturing within the region, while generating positive spillover effects on green technological innovation and negative spillover effects on scientific and technological achievement transformation in neighbouring regions.

Date: 2026
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DOI: 10.1080/20430795.2026.2640206

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