How Does Supply Chain Finance Inhibit Enterprises “Shifting from Real to Virtual”? Evidence from A-share Listed Companies

Ziwei Dong

doi:10.6981/FEM.202510_6(10).0015

Authors

Ziwei Dong

DOI:

https://doi.org/10.6981/FEM.202510_6(10).0015

Keywords:

Supply Chain Finance; Enterprise Financialization; Theory of Information Asymmetry.

Abstract

Supply chain finance(SCF), as an innovative model of integration between industry and finance, has highlighted its strategic role in serving the real economy. However, the problem of non-financial enterprises "moving away from the real economy towards the virtual economy" has constrained the high-quality development of the economy. This paper selects Chinese A-share listed companies from 2009 to 2023 as samples and, based on the theory of information asymmetry, empirically examines the impact influence of SCF on enterprise financialization. The research results show that SCF has a significant negative effect on enterprise financialization. Heterogeneity analysis shows that this inhibitory effect is more pronounced for mature and declining firms, as well as for enterprises in the eastern and central regions. Furthermore, mechanism tests confirm that SCF curbs financialization by alleviating financing constraints and mitigating managerial myopia. This study extends the literature on the economic consequences of SCF through the lens of enterprises financialization, providing theoretical support and empirical evidence for governments to formulate differentiated SCF policies and for firms to optimize capital allocation.

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