The impact of supply chain finance on the green transformation of enterprises

In the context of economic development centered on green transformation (GT), whether supply chain finance (SCF) can effectively motivate enterprises to achieve GT has become an important research topic. This study performs text and panel data analyses using data from Chinese listed companies to empirically examine the impact of SCF on GT. Results show that the development of SCF can significantly promote corporate GT, and this conclusion holds true after a series of robustness tests. Mechanism analysis results show that SCF mainly promotes corporate GT by alleviating financing constraints and increasing environmental investments, while heterogeneity analysis results highlight some differences in the promoting effects of SCF on GT across various types of enterprises. This study enriches the literature on the microeconomic effects of SCF development from the perspective of corporate GT, and its conclusions carry practical significance for promoting the development of SCF, achieving corporate GT, and formulating national sustainable development strategies.