供应链金融与企业商业信用OACHSSCD

Supply chain finance,as an innovative instrument for alleviating financing constraints and optimizing capital allo-cation along industrial chains,has emerged as a pivotal financial pillar for serving the real economy and fostering new quality pro-ductive forces.Yet supply chain finance does not automatically translate into improved commercial credit.Whether it does so hinges on whether its credit signals can be clearly interpreted by the market;where credit transmission is disordered or capital allocation misdirected,positive signals go unrecognised,and any credit-enhancing effect is unlikely to materialise.Using financial data from Chinese A-share listed companies and information on the implementation of supply chain finance policies from 2011 to 2024,this paper constructs a multi-period difference-in-differences model from the dual perspectives of credit transmission and capital optimi-sation.The results show that:(1)supply chain finance raises firms'commercial creditworthiness,and this finding holds across a battery of endogeneity and robustness checks;(2)the effect operates chiefly through two channels—credit transmission and capital optimisation;(3)the impact varies systematically across firm and regional characteristics,with larger improvements for estab-lished firms,large enterprises,downstream firms,and economically developed regions.By identifying the dual mechanism of cre-dit transmission and capital optimisation,this study contributes new empirical evidence on how supply chain finance shapes corporate credit,and offers theoretical and practical implications for policy design,credit enhancement,and debt risk mitigation.