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Supply chain finance, financing constraints, and corporate new quality productivity

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  • Jia, Lele
  • Ren, Yahui

Abstract

Against the backdrop of global industrial chain restructuring and digital economy integration, this paper empirically examines the impact of supply chain finance (SCF) on enterprises’ new quality productive forces (NP) and its moderating mechanisms using a sample of Shanghai and Shenzhen A-share listed companies from 2007 to 2022. Notably, SCF significantly enhances NP by activating existing assets and optimizing capital allocation. Firms with lower financing constraints are better positioned to leverage SCF to drive innovative combinations of production factors. Regional heterogeneity is significant: SCF’s positive effect is more pronounced in eastern China, while the central and western regions are yet to fully unlock their potential owing to lagging financial infrastructure.

Suggested Citation

  • Jia, Lele & Ren, Yahui, 2026. "Supply chain finance, financing constraints, and corporate new quality productivity," Finance Research Letters, Elsevier, vol. 88(C).
    • Handle: RePEc:eee:finlet:v:88:y:2026:i:c:s154461232502389x
    DOI: 10.1016/j.frl.2025.109140
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    References listed on IDEAS

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