The Impact of Supply Chain Finance on the Financing Performance of Core Supply Chain Enterprises

Abstract

In recent years, supply chain finance (SCF), as an innovative financing model, has gained significant attention. However, the impact
mechanism of SCF on the financing performance of core enterprises within the supply chain remains underexplored. Based on SCF theory,
this paper analyzes the influence of SCF on the financing scale and cost of core enterprises. The paper first elaborates on the connotations
and characteristics of SCF and examines the mechanisms through which SCF affects the financing performance of core enterprises from the
theoretical perspectives of supply chain collaboration, resource dependence, and pecking order financing. Through case analysis, it is found
that SCF can increase internal financing by enhancing commercial credit financing and operating profits while potentially reducing external
financing through substitution effects, without significantly increasing the overall financing scale. However, SCF significantly reduces financing costs for core enterprises through the channel of financial flexibility. This study enriches SCF theory and provides valuable insights for
core enterprises engaging in SCF practices.