Can Supply Chain Digitalization Reduce Corporate Carbon Emission Intensity? Evidence from the Annual Reports of Chinese Listed Companies

In the context of a rapidly evolving data-driven economy and increasingly stringent carbon reduction policies, the impact of supply chain digitalization (SCD) on corporate carbon emission intensity (CEI) has become an important research topic. Using panel data on Chinese A-share listed firms from the Shanghai and Shenzhen stock exchanges over the period 2013–2023, this study employs Python-based text analysis of corporate annual reports to explore the effect of SCD on corporate CEI. The results show that SCD significantly reduces corporate CEI. Mechanism analysis further indicates that this effect operates through three channels: alleviating financing constraints, promoting green innovation, and reducing supply chain disruption risk. Heterogeneity analysis reveals that the mitigating effect of SCD on corporate CEI is more pronounced among non-state-owned firms, large-scale firms, firms in non-high-tech industries, firms in highly environmentally sensitive industries, and firms located in regions with more developed digital infrastructure. Further analysis shows that SCD contributes to improvements in both firms’ sustainability and financial performance. Overall, this study provides important policy implications for both governments and firms.