在当前“双循环”新发展格局下，科技金融为破除我国制造业在全球价值链中的低端锁定提供了有力支撑。利用2011—2021年中国省级面板数据，从技术转移视角实证考察科技金融对制造业价值链攀升的影响。研究发现：科技金融能够促进制造业价值链攀升，且该促进作用表现出地区及来源异质性。一方面，科技金融对东部地区价值链攀升作用明显；另一方面，来自风险投资机构、资本市场、企业的科技金融投入对制造业价值链攀升有显著推动作用。在影响机制方面，技术转移在科技金融促进制造业价值链攀升的过程中发挥部分中介作用；对于不同来源的科技金融投入，技术转移的中介作用具有异质性。此外，科技金融对制造业价值链攀升的促进效应还具有非线性特征，当技术转移水平跨越门槛值时，促进效应才会凸显。

China's manufacturing industry has gradually become deeply embedded in the global value chain and integrated into the global production network established by developed countries (or regions) and their transnational corporations, accompanied by a state of "low-end lock-in".This new economic paradigm of scientific and technological financial investment has a positive role in promoting technological innovation in the manufacturing industry, helping to crack the "low-end lock-in" of China's manufacturing industry in the global value chain, and upgrading the status of China's manufacturing industry in the global value chain.This paper integrates science and technology financial investment, technology transfer and manufacturing value chain upgrading within the same research framework, and delves into the role of the mechanism among the three.#br#This paper utilizes China's provincial panel data from 2011—2021 to measure the technological complexity of manufacturing exports to measure the position of manufacturing in the global value chain, and then empirically examines the impact of science and technology financial inputs on the upgrading of the manufacturing value chain from the perspective of technology transfer.The study finds that (1) science and technology financial inputs can promote the climbing of the global value chain of the manufacturing industry; (2) the promotion effect of S&T financial inputs on the upgrading of manufacturing global value chain shows regional and source heterogeneity, i.e., on the one hand, the promotion effect of S&T financial inputs on the upgrading of manufacturing value chain in the eastern region is more significant; on the other hand, S&T financial inputs originated from the venture capital, science and technology capital market, and the enterprises themselves have a more significant role in the promotion of manufacturing value chain upgrading; (3) the mediating effect test confirms that technology transfer plays a partly mediating role in the process of promoting the upgrading of manufacturing value chain by S&T financial inputs, and the in-depth analysis further verifies that science and technology financial inputs from the capital market and enterprises themselves can play a role in promoting the upgrading of the manufacturing value chain with the mediating effect of technology transfer in the whole life cycle of manufacturing enterprises; (4) the threshold effect test verifies that with technology transfer as the threshold variable, the promotion effect of science and technology financial investment on the upgrading of the manufacturing value chain has a non-linear characteristic, and only when the level of technology transfer crosses a specific threshold value, science and technology financial investment will promote the upgrading of the manufacturing value chain.#br#The analysis suggests that it is necessary to improve the science and technology investment and financing system and promote the development of science and technology finance; meanwhile, it is important to improve the level of technology transfer in China and strengthen the promotion mechanism of science and technology finance for the upgrading of the manufacturing value chain.In this case, a technology transfer platform and network are warranted to promote the efficient flow of technology and innovation resources.#br#The novelties and theoretical contributions of this study are listed.Firstly, it innovatively puts science and technology financial input, technology transfer and the upgrading of manufacturing value chain under the same research framework to analyze the role mechanism of science and technology financial input on the upgrading of manufacturing value chain from the perspective of technology transfer, and provides a new breakthrough for China's manufacturing industry to crack the "low-end lock-in" dilemma and climb up the global value chain.Secondly, the study analyzes the impact of different sources of science and technology financial inputs on the upgrading of the manufacturing value chain at various stages of the enterprise life cycle, as well as the role played by technology transfer, which provides relatively robust and comprehensive empirical evidence for giving full play to the role of science and technology financial inputs in the promotion of the upgrading of the manufacturing value chain.Finally, after testing the mechanism of science and technology financial inputs on the value chain of the manufacturing industry, this paper also establishes a threshold model to explore the non-linear effects.#br#