绿色金融政策对企业低碳创新的供应链传导效应研究

孙阳阳¹　王冬梅²　罗庆凤³

（1.浙江农林大学；2.浙江树人学院；3.清华大学）

摘要：绿色低碳技术创新绩效融入供应链管理，是构建绿色供应链的重要基础，也是提升企业绿色创新的关键手段。本文以2011—2023年沪深A股上市公司及其供应链客户企业数据为分析样本，使用双重差分模型，实证检验绿色金融政策的创新溢出效应。研究结果显示，下游客户企业位于绿色金融改革创新试验区对上游供应商企业绿色低碳技术创新有促进作用，验证了绿色金融政策存在很强的供应链传导效应。机制分析表明，绿色创新的供应链传导效应主要通过增强企业绿色发展意识、稳定供应链关系和增强绿色技术溢出三条路径来实现。交互效应分析表明，该传导效应在客户企业依赖度高、客户企业议价能力高的样本中更强。进一步研究发现，下游客户企业位于绿色金融改革创新试验区还能带动上游供应商企业绿色低碳技术创新质量的提升。本文的研究结论为深化绿色金融体系改革以及提升企业绿色低碳技术创新水平提供了有益参考。

关键词：绿色金融；绿色低碳技术创新；供应链传导；绿色技术溢出；供应链关系

作者简介：孙阳阳，浙江农林大学生态文明研究院/经济管理学院讲师，杭州，311300；王冬梅，浙江树人学院经济与管理学院讲师，通信作者，杭州，310015；罗庆凤，清华大学环境学院助理研究员，北京，100084。

基金项目：国家自然科学基金青年科学基金项目（C类）“政府数字采购驱动‘专精特新’企业关键数字技术创新的作用机理、效应评估与优化路径研究”（72504255）；浙江省哲学社会科学规划年度项目“耐心资本驱动浙江省专精特新企业数字技术创新的效应评估、机制识别与政策优化研究”（26NDJC169YB）；浙江省哲学社会科学规划应用对策重点项目“政府绿色采购驱动浙江民营企业绿色低碳技术创新的效应评估、作用机理与政策优化研究”（25QHJS003Z）

引用格式：孙阳阳，王冬梅，罗庆凤. 绿色金融政策对企业低碳创新的供应链传导效应研究［J］. 经济与管理研究，2026，47（10）：100-115.

Supply Chain Transmission Effects of Green Finance Policies on Low-Carbon Innovation of Firms

SUN Yangyang¹, WANG Dongmei², LUO Qingfeng³

(1. Zhejiang A&F University, Hangzhou 311300;

2. Zhejiang Shuren University, Hangzhou 310015;

3. Tsinghua University, Beijing 100084)

Abstract: Integrating the performance of green and low-carbon technology innovation into supply chain management is not only the core foundation for building a green supply chain but also a key means of enhancing corporate green innovation. Although existing studies have examined the effects of green finance reform and innovation pilot zones (GFRIPZs) on total factor productivity, pollution reduction, and green innovation, the roles of other supply chain participants still deserve full attention. Therefore, exploring the innovation transmission effects of green finance policies along the supply chain holds theoretical and practical importance.

Using data from A-share listed companies and their supply chain customer firms in China from 2011 to 2023, this paper constructs a difference-in-differences (DID) model to identify the innovation spillover effects of green finance policies. The findings reveal that when downstream customer firms are located in GFRIPZs, they promote green and low-carbon technology innovation in upstream supplier firms, confirming the supply chain transmission effect of green finance policies. This conclusion remains valid after endogeneity analysis and a series of robustness tests. Mechanism analysis indicates that the supply chain transmission effect of green innovation operates through three channels: enhancing corporate green development awareness, stabilizing supply chain relationships, and facilitating green technology spillovers. Heterogeneity analysis reveals that this transmission effect is more pronounced in samples with high dependence on customer firms and those where customer firms have stronger bargaining power. When suppliers depend heavily on major customers, they respond more actively to customers’ green demands. Stronger customer bargaining power enables customers to impose stricter environmental requirements on suppliers. Further analysis shows that downstream customer firms located in GFRIPZs also drive improvements in the quality of green and low-carbon technology innovation of upstream supplier firms. This suggests that the policy spillover not only increases the quantity of green innovation but also enhances its substantive value, achieving both quantitative growth and qualitative improvement in green and low-carbon technology innovation.

The marginal contributions are threefold. First, this paper extends green finance policy research from a supply chain perspective, enriching the understanding of the policy effects of GFRIPZs. Second, this paper complements the literature on supply chain externalities from the perspective of green and low-carbon technology innovation, especially how policy support received by customer firms drives such innovation among supplier firms. Third, it advances the measurement of green and low-carbon technology innovation by employing machine learning and text analysis techniques to identify green patents, thereby offering a more accurate and replicable approach for future research.

Keywords: green finance; green and low-carbon technology innovation; supply chain transmission; green technology spillover;  supply chain relationship

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