How Does Green Finance Affects the Supply Chain Resilience of Heavily Polluting Enterprises？

Abstract

Considering the background of global supply chain restructuring and the Dual Carbon strategies, how green finance affects the real economy has drawn wide attention. Taking the Green Finance Reform and Innovation Pilot Zones (GFRIPZ) as a quasi-natural experiment, this study uses data of Chinese A-share listed heavily polluting manufacturing enterprises from 2011 to 2024 , and applies the staggered DID model to analyze the influence of green finance on enterprise supply chain resilience (SCR). This paper shows that GFRIPZ significantly inhibits the supply chain resilience of heavily polluting manufacturing firms. Its influencing mechanisms mainly include two paths: squeezing chain-stabilization funds and exacerbating financing constraints. Heterogeneity analysis shows that such negative policy effects are more prominent in non-state-owned, small-scale companies and those located in regions with weak environmental regulations. Overall, this study broadened the perspective on identifying green finance policies, as well as providing empirical evidence for coordinating green transformation with supply chain security and optimizing green finance policies.