Research on the Impact of Supply Chain Finance Based on Blockchain Technology on Enterprise Innovation Performance

This study aims to explore the impact mechanism of supply chain finance on enterprise innovation performance through the chain mediating effect of financing constraints and green technological innovation. Using data from 2014 to 2023 as the research sample, this paper employs a two-way fixed-effect model and mediating effect test method, combined with the background of blockchain technology empowering supply chain finance, to analyze the direct impact of supply chain finance development level on enterprise innovation performance and its indirect action paths. The research results show that supply chain finance can significantly improve enterprise innovation performance, and achieve a significant positive impact through two paths: alleviating financing constraints and improving the level of green technological innovation. Heterogeneity analysis indicates that the benefits are more significant for non-state-owned enterprises, non-heavy pollution industries, and enterprises in eastern regions. This study provides a theoretical basis and practical reference for optimizing supply chain financial services and promoting the construction of enterprise innovation ecosystems.