Taking the A-share listed companies in Shanghai and Shenzhen from 2009 to 2023 as samples, this paper empirically tests the impact of green supply chain management of core enterprises on the environmental performance of chain enterprises. It is found that the green supply chain management of core enterprises can significantly improve the environmental performance of upstream and downstream enterprises. That is, its impact mechanism on the environmental performance of upstream and downstream enterprises has the heterogeneous characteristics of “upward rigidity and downward flexibility”, and it can enhance the environmental performance of upstream enterprises by forcing green innovation and environmental information disclosure, and enhance the environmental performance of downstream enterprises by strengthening innovation cooperation and encouraging environmental protection investment. At the same time, its financial support for upstream enterprises comes from the capital spillover within the supply chain, and its financial support for downstream enterprises comes from the financing appeal in the market. The nature of enterprise property rights, the degree of industry pollution and the degree of industry competition all have heterogeneous effects on the environmental effects of green supply chain management in upstream and downstream enterprises. Further analysis shows that the green supply chain management of core enterprises has significantly improved the economic performance of upstream and downstream enterprises and achieved a win-win situation for economy and environment.