Research on the Relationship Between Green Innovation, Carbon Performance, and Financial Performance in Manufacturing

Against the backdrop of the advancement of the "dual-carbon" policy and the green transformation of the manufacturing industry, the impact mechanism of green technological innovation on corporate financial performance has received significant attention. This paper takes A-share listed manufacturing companies from 2010 to 2022 as the sample, constructs a mediating effect model to explore the relationship between green technological innovation, carbon performance, and financial performance, and analyzes property rights and regional heterogeneity. Research hypotheses: Green technological innovation not only has a direct positive impact on financial performance but also indirectly promotes financial performance by improving carbon performance; carbon performance plays a partial mediating role; the transmission effect is more significant for private enterprises and companies in the eastern region. This study enriches the theoretical system of green innovation value transmission and provides a reference for manufacturing companies to optimize green innovation strategies and for policymakers to improve carbon management policies.