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Abstract Industrial enterprises are increasingly facing challenges such as rising labor costs, and growing energy and environmental constraints, making the green transformation an urgent priority. Digital finance can utilize technologies such as big data, cloud computing, and artificial intelligence to direct more capital towards green industries, thereby driving the green transformation of industry. However, existing research primarily focuses on the impact of digital finance on economic growth and its role in traditional finance and industrial upgrading. There is a noticeable gap in studies examining the influence of digital finance on the green transformation of industry, with fewer incorporating credit allocation into the framework to analyze the relationships between the three. This gives rise to a series of the following important questions: Does digital finance drive the green transformation of industry? Is credit allocation an intermediary variable in the relationship between digital finance and industrial green transformation? And is there a nonlinear relationship or spatial spillover effect between digital finance and the green transformation of industry?
To address these questions, this study utilizes panel data from 272 cities at the prefecture level and above in China, covering the period from 2012 to 2022. It uses mediation analysis to examine the relationship and mechanisms between digital finance and the green transformation of industry. Additionally, a threshold model is developed to explore the nonlinear impact of digital finance on industrial green transformation. Furthermore, the spatial Durbin model is employed to analyze the spillover effects of digital finance. The empirical results reveal the following five conclusions: (1) digital finance significantly promotes the green transformation of industry. After addressing potential endogeneity issues and conducting robustness checks, the conclusions remain valid; (2) The impact of digital finance on industrial green transformation has not only a direct effect, but also an intermediary effect. Digital finance can reduce the credit biases inherent in traditional finance, enhance the efficiency of credit allocation, and indirectly foster the green transformation of industry; (3) The depth and degree of digitization in digital finance play a significant role in driving the green transformation of industry. Moreover, in central, western, and peripheral cities, as well as in cities with stricter financial regulations, digital finance plays a more significant role in driving industrial green transformation; (4) The impact of digital finance on industrial green transformation exhibits a nonlinear change nature with increasing marginal effects. As digital finance evolves, its positive influence on industrial green transformation continues to strengthen. (5) The development of digital economy can not only have a positive effect on the regional industrial green transformation, but also produce a positive spillover effect on surrounding regions.
Compared with previous studies, the contributions of this study are mainly reflected in two aspects. First, this study constructs a theoretical model that incorporates credit allocation into the analysis framework of how digital finance influences industrial green transformation. It explores the transmission paths through which digital finance drives this transformation, while addressing gaps in existing research on theoretical mechanisms. Second, drawing on previous studies, the research uses mediation models, panel threshold models, and spatial econometric models to analyze the indirect effects, nonlinear relationships, and spatial spillover effects of digital finance on industrial green transformation. This provides empirical evidence for a deeper understanding of how digital finance promotes the green transformation of industry.
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Published: 20 May 2026
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