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Enterprise's R&D and Innovation Management

Supply Chain Finance, Financing Constraints and Green Technology Innovation —Test Based on Mediation Effect and Threshold Effect 

Yang Yanping1,2 , Xu Wenxue1 

(1.School of Management, Henan University of Technology, Zhengzhou 450001, China; 2.Logistics Research  Center, Henan Province Humanities and Social Sciences Key Research Base, Zhengzhou 450001, China)

Abstract: Green innovation is the driving force of green transformation and high-quality de⁃ velopment, and supply chain finance contributes innovative vitality to green technology innova⁃ tion. This study is based on data from 1 360 China's Shanghai and Shenzhen stock markets from   listed companies in A-shares and ChiNext of  2012 to 2021. By using a bidirectional fixed  effect model, an intermediary effect model, and a panel threshold effect model, this study empiri⁃ cally analyzes the impact and mechanism of supply chain finance on green technology innovation  based on the financing optimization effect. Research has found that:①Supply chain finance sig⁃ nificantly improves the quantity and quality of enterprises' green technology innovation, and this  conclusion has been verified through a series of robustness tests and endogeneity tests, including replacement variable measurement, replacement regression model, and instrumental variable  method. ② Mechanism analysis shows that supply chain finance can alleviate financing con⁃ straints of enterprises, leading to improved green technology innovation. The mediation effect  tests found that the financing constraints have a masking effect between supply chain finance  and green technology innovation of enterprises.③The threshold effect test finds that the impact  of financing constraints on supply chain finance and enterprises' green technology innovation  varies at different threshold values. Only when the degree of financing constraints of enterprises  exceeds -4.239, can supply chain finance improve the level of green technology innovation of en⁃ terprises by alleviating financing constraints of enterprises.④Heterogeneity analysis shows that  the positive incentive and driving effect of supply chain finance on enterprises' green technology  innovation is much more significant in state-owned enterprises, high-tech industry enterprises, and enterprises in the growing and developed stages. This study not only enriched the theoretical  framework of supply chain finance and technological innovation, expanded the theoretical basis  of antecedents of green technology innovation, but also provided scientific empirical evidence  and decision-making reference for supply chain finance to guide the green innovation develop⁃ ment of enterprises 

Key words: supply chain finance; green technology innovation; financing constraints; media⁃ tion effect; threshold effect