This article takes Chinese A-share manufacturing listed companies from 2007 to 2021 as a sample to empirically test the specific impact and mechanism of successful innovation on supply chain financing of manufacturing enterprises. The results show that successful innovation can significantly improve the net financing level of supply chain commercial credit for manufacturing enterprises. In terms of the transmission path, enterprise innovation has successfully reduced the concentration ratio of the supply chain by giving play to the "buyer''s market effect" and the "alternative financing effect", changed the cost structure and external financing structure of enterprises, thus improving the net financing of commercial credit, improving the business performance of enterprises and promoting high-quality development. In terms of heterogeneity, the promotion effect of successful innovation on commercial credit net financing is significant in non-state-owned enterprises, economic expansion periods, and situations with high analyst attention. This article focuses on the specific impact and internal mechanism of successful innovation on supply chain commercial credit financing. The research conclusion helps to deepen the understanding of the micro financial function of successful innovation, and provides new explanations and useful references for transitional countries to solve the problem of "difficult and expensive financing" for enterprises and find ways to secure supply chain and industrial chain.