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Blockchain-enabled supply chain finance and credit risk of small and medium-sized enterprises: Evidence from e-commerce

Author

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  • Zhang, Yaoyushan
  • Liu, Yue

Abstract

Using data from small and medium-sized listed e-commerce enterprises in China from 2011 to 2023, this paper empirically examines the impact of blockchain-enabled supply chain finance (SCF) on firm credit risk. The results show that SCF significantly mitigates this risk, and that blockchain strengthens this effect by enhancing information transparency and reinforcing contract enforcement. Moreover, digital transformation functions as an important mediating channel through which SCF reduces firm credit risk. Heterogeneity analysis further indicates that this mitigation effect is more pronounced among enterprises operating in highly competitive industries. Overall, this study provides empirical evidence on the governance mechanisms of digital technology-enabled SCF and offers valuable insights for e-commerce platforms seeking to optimize financial services, for SMEs aiming to improve their governance structures, and for government bodies formulating targeted support policies.

Suggested Citation

  • Zhang, Yaoyushan & Liu, Yue, 2026. "Blockchain-enabled supply chain finance and credit risk of small and medium-sized enterprises: Evidence from e-commerce," Finance Research Letters, Elsevier, vol. 96(C).
    • Handle: RePEc:eee:finlet:v:96:y:2026:i:c:s1544612326002333
    DOI: 10.1016/j.frl.2026.109702
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    Keywords

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    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
    • M21 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - Business Economics

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