Analysis on the Influence Mechanism of Supply Chain Finance on Enterprises’ Green Technology Innovation
DOI:
https://doi.org/10.54097/x5h1aq06Keywords:
Supply chain Finance, Green Technological Innovation, Financing Constraints, Information DisclosureAbstract
Green technological innovation serves as the driving force for enterprises’ green transformation and high quality development, and supply chain financing provides guarantees for green technological innovation. Taking Chinese A share listed firms on the Shanghai and Shenzhen stock exchanges from 2012 to 2024 as research samples, this paper empirically analyzes the impact effect and mechanism of supply chain finance on corporate green technological innovation from the perspective of financing optimization, by employing the two way fixed effect model and the mediation effect model. The empirical results show that: ① Supply chain finance significantly improves the level of enterprises’ green technological innovation, and this conclusion remains valid after a series of robustness tests; ② Supply chain finance affects corporate green technological innovation by alleviating financing constraints, empowering enterprises’ digital transformation, controlling risk fluctuations, and improving carbon information disclosure; ③ The driving effect of supply chain finance on green technological innovation is more pronounced for firms in the growth stage, technology intensive enterprises and labor intensive enterprises. The research conclusions offer scientific empirical evidence and decision making references for guiding enterprises’ green innovation development via supply chain financing, provide a basis for governments to formulate relevant policies, and promote the improvement of the green financial system and the advancement of green innovation.
Downloads
References
[1] Zhou, Y., Duan, Y., & Huang, X. (2025). Research on enterprises’ green technological innovation behaviors under environmental regulation: Substantive or strategic? Research on Economics and Management, 46(1), 124–144.
[2] Chen, H., & Lü, Y. (2024). Evolution and simulation research on green credit, government regulation and enterprises’ green technological innovation. Operations Research and Management Science, 33(1), 212–218.
[3] Lü, H., Ma, C., Tang, T., & Hao, F. (2024). Fiscal tax incentive policies, green technological innovation and carbon intensity of industrial enterprises. Journal of Statistics and Information, 39(5), 59–72.
[4] Liu, C., & Zhang, N. (2024). Incentive effects of VAT refund on retained credits on enterprises’ green technological innovation. Journal of Zhongnan University of Economics and Law, (3), 57–69.
[5] Gao, Z., & Tan, W. (2024). Does corporate digital transformation promote green technological innovation? Empirical evidence based on text analysis methods. Collected Essays on Finance and Economics, (1), 79–91.
[6] Wang, Q., & Li, Y. (2024). Research on the influence of equity incentives on enterprises’ green technological innovation. Communication of Finance and Accounting, (6), 31–36.
[7] Bai, J., & Gu, X. (2023). Environmental information disclosure and enterprises’ green technological innovation Empirical evidence from Chinese listed enterprises. Journal of Technology Economics, 42(11), 23–36.
[8] Long, Z., & Zhang, X. (2023). The influence of ESG performance on enterprises’ green technological innovation Evidence from Chinese listed enterprises. South China Finance, (9), 56–70.
[9] Ye, X., Pan, Y., & Wu, F. (2024). Fintech and enterprises’ green technological innovation Structural characteristics, effect identification and shortage remedying effects. South China Finance, (4), 3–18.
[10] Qiu, J., Cui, M., & Pan, A. (n.d.). Supply chain finance and corporate sustainable development Evidence from ESG performance. Nankai Business Review, 1–32.
[11] Yu, Z., & Zhao, Y. (2024). How does supply chain finance affect enterprises’ green technological innovation? Heterogeneity characteristics, channel mechanisms and synergy effect evaluation of environmental information disclosure policies. Humanities Magazine, (12), 72–83.
[12] Wu, Y., & Li, Q. (2025). Research on the influence of supply chain finance on enterprises’ operational performance: Mechanism and empirics. Journal of Industrial Technological Economics, 44(2), 3–14, 161.
[13] Yang, S., Bai, H., & Li, Z. (2025). Has supply chain finance improved enterprise supply chain efficiency Causal inference based on double machine learning. Finance & Economics, (2), 57–73.
[14] Liu, Y., Cao, T., & Liu, J. (2025). Supply chain finance and corporate risk taking. Systems Engineering Theory & Practice, 45(2), 391–407.
[15] Wei, S., & Du, J. (2023). How does supply chain finance affect corporate innovation? Comparative Economic & Social Systems, (2), 62–74.
[16] Lu, C., Ren, S., & Liu, Y. (2025). Carbon emission reduction effects of manufacturing enterprises from the supply chain finance perspective. Monthly Journal of Finance and Accounting, 46(6), 105–112.
[17] Ling, R., Pan, A., & Li, B. (2021). Can supply chain finance improve corporate innovation levels? Journal of Finance and Economics, 47(2), 64–78.
[18] Yu, S., Yu, X., & Wang, Z. (2023). Supply chain governance by “chain leader” enterprises and total factor productivity of firms along the chain. Economic Management Journal, 45(4), 22–40.
[19] Pan, A., Ling, R., & Li, B. (2021). How does supply chain finance serve the real economy Micro evidence based on capital structure adjustment. Economic Management Journal, 43(8), 41–55.
[20] Guo, Y., & Yao, R. (2024). Supply chain linkages and SME financing From supply chain finance and trade credit perspectives. China Economic Quarterly, 24(4), 1173–1190.
[21] Li, X., Xu, Q., & Wang, H. (2023). Corporate digital transformation and green technological innovation. Statistical Research, 40(9), 107–119.
[22] Gong, Q., Ban, M., & Zhang, Y. (2021). Blockchain, corporate digitalization and supply chain finance innovation. Management World, 37(2), 22–34, 3.
[23] Ding, J., Yu, Y., & Wang, G. (2023). Research on mechanisms and pathways of blockchain empowering green supply chain finance development. Southwest Finance, (10), 31–41.
[24] Zhu, Y., Jia, R., Wang, G., & Xie, C. (2023). Literature review on supply chain finance risk assessment Based on knowledge graph technology. Systems Engineering Theory & Practice, 43(3), 795–812.
[25] Jian, G., & Bai, F. (2024). Can supply chain finance improve corporate ESG performance Based on synergy theory and information asymmetry theory. Monthly Journal of Finance and Accounting, 45(12), 71–78.
[26] Xu, J., & Cui, J. (2020). Low carbon cities and enterprises’ green technological innovation. China Industrial Economics, (12), 178–196.
[27] Yao, W., Xia, J., & Sun, T. (2017). Research on financing constraints and their alleviation for high tech SMEs from the supply chain finance perspective. Science & Technology Progress and Policy, 34(4), 105–110.
[28] Ling, R., Li, B., Pan, A., & Wang, H. (2023). Supply chain finance and corporate debt maturity choices. Economic Research Journal, 58(10), 93–113.
[29] Song, H., Han, M., & Hu, X. (2023). How does supply chain finance promote low carbon development of supply chains? Based on the innovative practice of State Grid Yingda. Management World, 39(5), 93–112.
[30] Li, X., Su, Y., & Kang, W. (2024). Analysis of supply chain relationships’ influence on corporate digital transformation Empirical research based on spatial lag and threshold effect models. On Economic Problems, (10), 51–58.
[31] Gong, N., Li, J., Luo, C., & Duan, M. (2024). Research on motivations and economic consequences of carbon information disclosure by high carbon emission sector listed enterprises Empirical analysis based on listed companies. Securities Market Herald, (5), 14–24.
[32] Ju, X., Lu, D., & Yu, Y. (2013). Financing constraints, working capital management and the sustainability of corporate innovation. Economic Research Journal, (1), 5–17.
[33] Liu, S., Lin, Z., & Leng, Z. (2020). Do tax incentives improve corporate innovation levels? A test based on enterprise life cycle theory. Economic Research Journal, 55(6), 105–121.
[34] Andriushchenko, K., Buriachenko, A., Rozhko, O., et al. (2020). Peculiarities of sustainable development of enterprises in the context of digital transformation. Entrepreneurship and Sustainability Issues, 7(3), 2255.
[35] Gu, H., Yang, S., Xu, Z., et al. (2023). Supply chain finance, green innovation, and productivity: Evidence from China. Pacific Basin Finance Journal, 78, 101981.
[36] Gelsomino, L. M., Mangiaracina, R., Perego, A., et al. (2016). Supply chain finance: A literature review. International Journal of Physical Distribution & Logistics Management, 46(4), 348–366.
[37] Camerinelli, E. (2009). Supply chain finance. Journal of Payments Strategy & Systems, 3(2), 114–128.
[38] Aghion, P., Askenazy, P., Berman, N., Cette, G., & Eymard, L. (2012). Credit constraints and the cyclicality of R&D investment: Evidence from France. Journal of the European Economic Association, 10(5), 1001–1024.
[39] Huang, C., Chan, F. T. S., & Chung, S. H. (2022). Recent contributions to supply chain finance: Towards a theoretical and practical research agenda. International Journal of Production Research, 60(2), 493–516.
[40] Moretto, A., & Caniato, F. (2021). Can supply chain finance help mitigate the financial disruption brought by Covid 19? Journal of Purchasing and Supply Management, 27(4), 100713.
Downloads
Published
Issue
Section
License
Copyright (c) 2026 International Journal of World Economic Research
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
