摘要：在“双碳”目标驱动下，如何通过金融工具创新破解经济增长与碳排放的脱钩困境是理论和实践的双重挑战。本文聚焦供应链金融对碳生产率的影响效应及作用机制，并基于2007—2021年中国A股上市公司数据开展实证研究。研究发现：供应链金融显著提高了碳生产率；供应链金融通过激励企业创新投入、推动企业数字化转型和强化气候风险应对能力三条路径来提升碳生产率；供应链金融的碳生产率提升效应呈现显著的区域、行业和企业异质性特征，在东部地区、重污染行业及非国有企业中尤为突出。本文提出了加强中西部地区金融与供应链建设、针对不同行业制定差异化政策和优化国有企业供应链金融应用等政策建议。本文研究发现不仅为中国实现“双碳”目标和深化碳排放双控制度体系提供了理论依据和实践参考，也为全球气候治理中的供应链金融工具创新贡献了中国经验。
关键词：供应链金融；碳生产率；创新投入；数字化转型；气候风险应对
How Can Supply Chain Finance Enhance Carbon Productivity?
Yu Yantuan, Luo Nengsheng
Abstract: Motivated by China’s “dual-carbon” strategic goals, this study addresses the theoretical and empirical challenge of decoupling economic growth from carbon emissions through the design and deployment of innovative financial instruments. Leveraging a comprehensive panel dataset of A-share listed enterprises from 2007 to 2021, we estimate the causal effect of supply chain finance on carbon productivity and elucidate its underlying transmission mechanisms. Empirical results indicate that supply chain finance significantly improves carbon productivity. Supply chain finance enhances carbon productivity through three primary mechanisms: stimulating innovation input, facilitating digital transformation, and strengthening climate risk resilience. Furthermore, supply chain finance exerts statistically and economically heterogeneous effects on carbon productivity, conditional on regional development levels, industrial pollution intensity, and firm ownership structures, with particularly pronounced impacts observed in eastern regions, heavily polluting industries, and non-state-owned enterprises.
Keywords: Supply Chain Finance; Carbon Productivity; Innovation Input; Digital Transformation; Climate Risk Resilience
