The Impact of Supply Chain Finance on Corporate Green Transformation:Inhibiting or Facilitating?Empirical Evidence Based on Big Data Identification of Listed Enterprises'Annual Report Texts
Supply chain finance,as an innovative financial product,can enhance the ability of fi-nancial services to the real economy and has a significant function to support the transformation needs of enterprises in the era of green development.This paper takes the 2007-2020 data of A-share listed companies in Shanghai and Shenzhen as the research basis to explore the impact of sup-ply chain finance on the green transformation of enterprises and its role channels.It is found that supply chain finance has significant benefits on the green transformation of enterprises,and has a differentiated impact effect on enterprises with different endowment characteristics.The mecha-nism study shows that supply chain finance can improve financial status,smooth innovation risk,enhance innovation capacity and improve corporate expectations,which all contribute to the acceler-ation of the green transformation process of enterprises.In particular,supply chain finance can ef-fectively contribute to the green transformation of enterprises in the situation of low financial ag-glomeration,slow marketization,and relatively serious environmental pollution,showing a strong"short-mending"function in the weak external environment.The findings of this paper provide em-pirical evidence for optimizing the development of supply chain finance and guiding the green trans-formation of enterprises,and further provide policy inspiration for China to achieve high-quality de-velopment and build a"Green China"strategy.
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