As the difficulty of financing for manufacturing enterprises in the capital market becomes increasingly prominent, improving the quality of information disclosure and enhancing institutional investors’ confidence have become crucial issues in corporate financing strategies. Based on data from Chinese manufacturing listed companies from 2013 to 2022, the impact of the quality of Management Discussion and Analysis (MD&A) on institutional investment intentions and the mediating role of internal control in this relationship were examined. The results indicate that there is a significant positive correlation between the quality of MD&A and institutional investment intentions, with internal control quality playing a partial mediating role. High-quality MD&A improves the transparency and credibility of a company’s information disclosure, thereby enhancing institutional investors’ confidence. Effective internal control further ensures the accuracy and completeness of the information disclosed, boosting institutional investors’ confidence and willingness to invest. Additionally, non-state-owned enterprises disclose higher-quality MD&A than state-owned enterprises, with institutional investors particularly focusing on transparency and information quality. This research provides important theoretical foundations and practical guidance for manufacturing enterprises to improve financing efficiency and strengthen the management of non-financial information disclosure.