How supply chain finance promote carbon emission reduction in manufacturing firms—Evidence from Chinese market

IF 9.7 1区环境科学与生态学 Q1 ENGINEERING, ENVIRONMENTAL

Journal of Cleaner Production Pub Date : 2025-01-22 DOI:10.1016/j.jclepro.2025.144849

Long Xue, Shijie Ai

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Abstract

This paper provides evidence of the role of supply chain finance (hereinafter referred to as SCF) in the development of the manufacturing industry in China. As the world's largest manufacturing country and the second-largest economy, China presents a unique case for this study. Utilizing data from A-share manufacturing companies in Shanghai and Shenzhen from 2008 to 2021, we examine the impact of SCF on carbon emission reduction among manufacturing enterprises in China. The study finds that SCF contributes to reducing carbon emissions in manufacturing companies. After conducting a series of robustness tests and controlling for potential endogeneity issues, this conclusion remains valid. Regarding the transmission mechanism, SCF's contribution to carbon emission reduction in manufacturing firms occurs through the pathways of corporate financial availability and green technology innovation. Further research shows that the promotion effect of SCF on carbon emission reduction of manufacturing enterprises is more obvious in areas with strong environmental regulations and high level of digital economy development, as well as manufacturing enterprises with high supply chain concentration and strong management ability.

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供应链金融如何促进制造业企业碳减排——来自中国市场的证据

本文论证了供应链金融（以下简称供应链金融）在中国制造业发展中的作用。作为世界上最大的制造业国家和第二大经济体，中国为这项研究提供了一个独特的案例。利用2008 - 2021年沪深两市a股制造业企业的数据，研究了供应链融资对中国制造业企业碳减排的影响。研究发现，SCF有助于减少制造企业的碳排放。在进行了一系列稳健性检验和控制潜在的内生性问题后，这一结论仍然有效。在传导机制上，供应链金融对制造业碳减排的贡献是通过企业融资可得性和绿色技术创新的途径实现的。进一步研究表明，供应链融资对制造企业碳减排的促进作用在环境法规强、数字经济发展水平高的地区，以及供应链集中度高、管理能力强的制造企业更为明显。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Cleaner Production 环境科学-工程：环境

CiteScore

20.40

自引率

9.00%

发文量

4720

审稿时长

111 days

期刊介绍： The Journal of Cleaner Production is an international, transdisciplinary journal that addresses and discusses theoretical and practical Cleaner Production, Environmental, and Sustainability issues. It aims to help societies become more sustainable by focusing on the concept of 'Cleaner Production', which aims at preventing waste production and increasing efficiencies in energy, water, resources, and human capital use. The journal serves as a platform for corporations, governments, education institutions, regions, and societies to engage in discussions and research related to Cleaner Production, environmental, and sustainability practices.