Empowering Supply Chain Finance: The Impact of Supply Chain Finance on Green Innovation—From the perspective of multiple moderating effects

Abstract

This study investigates how supply chain financing influences green innovation in businesses, utilizing data from Chinese publicly listed companies between 2008 and 2024. It employs mechanism analysis to examine how green innovation is driven by supply chain finance and creates interaction terms to prove the moderating roles of corporate risk level, environmental performance, and information transparency. It passes endogeneity test by constructing an instrumental variable. Additionally, it distinguishes the characteristic of green patents and performs heterogeneity tests. The study finds that supply chain finance significantly promotes corporate green innovation through the alleviation of financing constraints. Further analysis indicates that corporate risk level inhibits this promoting effect, whereas high environmental performance and high information transparency strengthen the promoting effect. Heterogeneity analysis reveals supply chain finance poses a bigger effect on green innovation if it is a high-tech company or a manufacturing company.