Exploration on the Mechanism of the Impact of Green Supply Chain Management on Enterprise Sustainable Development Performance

Green supply chain management (GSCM) is an important management means for enterprises to achieve sustainable development and green transformation. However, the intrinsic mechanism by which GSCM impacts the sustainable development performance (SDP) of enterprises remains a theoretical "black box". Based on the Porter's hypothesis, this study constructs a moderated mediation model from the theoretical perspective of green innovation and signal transmission to explore this intrinsic mechanism. Then, this study analyzes data from China's Shanghai and Shenzhen A-share listed companies from 2015 to 2020 to conduct an empirical analysis to test the model. The results show that GSCM has a significantly positive effect on SDP. The mediating effect of green innovation and the moderating effect of green subsidies are significant. The results remain valid after a series of endogeneity and robustness tests.