The Impact of Supply Chain Co-Innovation on the Total Factor Productivity of SRDI Enterprises: The Mediating Mechanism of Corporate ESG Performance

This study investigates how supply chain co-innovation affects the high-quality development of SRDI enterprises, operationalized as total factor productivity (TFP) measured by the LP method. The mechanism remains unclear. Drawing on learning-by-doing theory, together with the resource-based view and stakeholder theory, we propose a sequential pathway: through repeated interactions and knowledge accumulation in collaborative innovation, SRDI enterprises improve their ESG performance, which in turn enhances TFP. Using a sample of listed “little giant” SRDI enterprises from 2018 to 2023, we find that supply chain co-innovation is significantly positively associated with TFP (coefficient 0.003), and the pattern is consistent with ESG performance playing a partial mediating role. Meanwhile, mechanistic analysis also reveals that this correlation is more pronounced in high-profitability enterprises and manufacturing enterprises. This research provides theoretical guidance for SRDI enterprises in choosing innovation models and managing supply chains, offering practical insights for improving total factor productivity.