Analysis on the Influence Mechanism of Supply Chain Finance on Enterprises’ Green Technology Innovation

Abstract

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.