The peer linkage of green innovation among supply chain enterprises is an important path to accelerate the green transformation of supply chains, implement the national “dual carbon goals” and “green strategy”, and achieve high-quality economic development. However, due to information asymmetry and incomplete contracts, the peer effect of green innovation among supply chain enterprises often faces significant obstacles. At the same time, co-analysts who track two or more upstream and downstream enterprises in the same supply chain (referred to as “supply chain co-analysts”) have strong capabilities in information acquisition, analysis, and dissemination. Whether they can help enterprises overcome these challenges is worth further investigation.

This paper explores the existence and underlying mechanisms of the peer effect of green innovation among supply chain enterprises within the tracking network of supply chain co-analysts. It is found that green innovation among supply chain enterprises in the tracking network exhibits a peer effect. The external mechanism behind this effect lies in the fact that supply chain enterprises tracked by co-analysts are better able to break down information transmission barriers, accelerate knowledge spillovers, and improve access to funding, thus promoting the peer effect of green innovation. Heterogeneity analysis indicates that the peer effect is more significant in groups with higher co-analyst reputation, lower tracking volume, and larger brokerage firm size, as well as in regions with strong intellectual property protection and stringent environmental regulations.

The possible contributions of this paper are as follows: First, it expands the study of co-analysts’ economic impact to supply chain enterprises, highlighting their new role and broadening research at the intersection of “analysts and supply chain management”. Second, it introduces supply chain co-analysts as an important source of the peer effect of green innovation. Third, it offers a new approach to addressing information asymmetry and promoting collaboration in supply chains through third-party connections. Fourth, it provides practical insights for the government on strengthening collaboration in supply chains, driving green transformation, and optimizing industrial and supply chains.