Dual Drivers and Sustainability Tension: How Does Agricultural Supply Chain Finance Affect Core Enterprise Performance?

Based on the “dual-driven” framework, this study uses data from A-share listed agricultural companies from 2012 to 2022 to empirically test the mechanism by which agricultural Supply Chain Finance (SCF) affects the performance of core enterprises via the dual paths of “efficiency” and “responsibility.” Drawing on transaction cost theory and corporate social responsibility perspectives, the analysis reveals several key findings. First, SCF significantly improves enterprise performance by reducing transaction costs (coefficient = 0.117, p < 0.01), with transaction costs playing a partial mediating role. Second, fulfilling the social responsibility of connecting with and leading farmers negatively affects enterprise performance due to increased transaction costs (interaction term coefficient = −0.423, p < 0.1), creating a sustainable efficiency–responsibility tension. Third, supply chain concentration strengthens the efficiency path of SCF (interaction term coefficient = 0.002, p < 0.1). Non-state-owned enterprises, large-scale enterprises, and enterprises with executives having a financial background are more sensitive to the dual-driven mechanism. This study provides policy-relevant implications for supply chain governance that coordinate economic and social benefits.