Study on the Impact of Supply Chain Finance on Green Innovation in Listed Manufacturing Enterprises in China: An AI-Driven Perspective

Green innovation is a key national strategy for fostering high-quality corporate development. This paper examines the effect of supply chain finance on firms’ green innovation by employing a two-way fixed effects model and using panel data from Chinese A-share manufacturing companies covering the period from 2010 to 2023. The empirical results reveal that the advancement of supply chain finance has a statistically significant positive effect on green innovation activities. Mechanism analysis further demonstrates that supply chain finance promotes corporate green innovation through two primary channels: mitigating financial constraints and improving total factor efficiency.Additionally, the progression of artificial intelligence (AI) technology is found to reinforce the favorable influence of supply chain finance on green innovation, acting as a moderating factor that amplifies this relationship. Heterogeneity analysis indicates that the influence of supply chain finance on green innovation is especially notable in private enterprises, companies based in eastern China, and firms operating within technology-intensive sectors. This study provides theoretical support for promoting the “AI+” supply chain finance initiative and offers valuable policy insights to accelerate China’s green economic development.