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Many countries have introduced policies on carbon finance to promote the green development of firms and achieve a balance between the economy and the environment. This study uses institutional theory to construct a relationship model between carbon finance, green supply chain management, financing structure, and firms' environmental innovation. It uses multiple regression analysis to examine the impact of carbon finance on firms' environmental innovation, the mediating role of green supply chain management, and the moderating role of financing structure by selecting 1529 A-share listed companies in Shanghai and Shenzhen from 2012 to 2022 as its sample. The results show that carbon finance has a positive influence on firms' environmental innovation, with green supply chain management playing a mediating role in this relationship. Additionally, financing structure weakens the positive effect of carbon finance on firms' environmental innovation. Based on these findings, suggestions are made to improve the carbon trading market and trading system, build an efficient green supply chain management and supervision system, and encourage firms to optimise the financing structure.
Liao et al. (Mon,) studied this question.