Study on the Impact of Supply Chain Finance on Corporate Green Innovation

Abstract

This study uses the data of China A-share listed companies from 2010 to 2023. It uses text analysis to construct enterprise-level supply chain financial indicators. It systematically studies the influence of supply chain financing on enterprise green innovation, its potential mechanism and its heterogeneous performance. The results show that: firstly, supply chain financing has significantly promoted the green innovation of enterprises. Through several tests, this conclusion is still strong, indicating that supply chain financing has effectively solved the restrictive financing problem of green innovation. Secondly, the catalytic effect shows significant heterogeneity, especially in state-owned enterprises (SOEs) and companies with high equity concentration. State-owned enterprises use their core position in the supply chain to make more effective use of supply chain financing, while equity-centered enterprises rely on effective decision-making mechanisms to turn external financing into green innovation results. Finally, reducing the difficulty of financing is the main mechanism for supply chain financing to support green innovation. This proves the transfer chain: “Supply chain financing is also a financing constraint, and further strengthen green innovation. The research results provide a basis for the green innovation and development of enterprises. We put forward policy suggestions from the government, enterprises and financial institutions to promote the common development of supply chain finance and green finance, and implement different support policies to improve the effectiveness of financing difficulties. These suggestions are of great significance in theory and practice.