Supply Chain Finance and Corporate Zero-Carbon Transition: An Empirical Study from China

This study examines the impact of supply chain finance on corporate zero-carbon transition using data from Chinese A-share listed companies from 2008 to 2023. Through text analysis, this study constructs a corporate zero-carbon transition index containing 285 keywords and a supply chain finance indicator based on a specialized dictionary. The results show that supply chain finance significantly promotes corporate zero-carbon transition, and the findings remain robust after a series of robustness and endogeneity tests. Further analysis indicates that the promoting effect is more pronounced among non-heavy-polluting firms, firms located in eastern regions, and firms with relatively weaker bargaining power within supply chains. Mechanism analysis reveals that supply chain finance mainly facilitates zero-carbon transition by alleviating financing constraints, stimulating green technological innovation, and improving green supply chain management practices. It should be noted that the text-based indicators primarily reflect firms’ strategic disclosures and may not fully capture the actual implementation of zero-carbon practices. Overall, this study provides empirical evidence on the green governance role of supply chain finance and offers policy implications for advancing coordinated decarbonization across supply chains.