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Intelligent manufacturing policy, credit availability, and sustainable development of listed manufacturing firms

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  • Dai, Dongfang
  • Sun, Jing
  • Zhang, Songyi

Abstract

Using panel data at the level of Chinese listed firms as the sample, this paper empirically examines the intrinsic relationship and mechanism among the intelligent manufacturing policy (SMI_Pilot), credit availability, and the sustainable development of listed manufacturing firms (SGR). The results indicate that SMI_Pilot significantly promotes the SGR. Further analysis reveals that the positive effect of SMI_Pilot on the SGR varies significantly across enterprises with different levels of cash flow. Mechanism testing shows that credit availability plays a crucial mediating role in the process through which SMI_Pilot influences the SGR. This study not only enriches the empirical evidence on intelligent manufacturing policy and corporate sustainable development but also provides important policy implications for the government to design more effective intelligent manufacturing policies and for enterprises to enhance their sustainable development capabilities.

Suggested Citation

  • Dai, Dongfang & Sun, Jing & Zhang, Songyi, 2026. "Intelligent manufacturing policy, credit availability, and sustainable development of listed manufacturing firms," Finance Research Letters, Elsevier, vol. 98(C).
    • Handle: RePEc:eee:finlet:v:98:y:2026:i:c:s1544612326003466
    DOI: 10.1016/j.frl.2026.109816
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