Resolving the "De-coring" Dilemma with Data Credit: Resource Orchestration and Value Enhancement Paths in Supply Chain Finance

The innovation and development of supply chain finance (SCF) have become a crucial component of national strategy. Traditional models heavily rely on the credit of core enterprises, which significantly limits the financing channels and growth potential of small and medium-sized enterprises (SMEs). Using JD Technology as a case study and integrating the dual theoretical perspectives of resource orchestration and co-evolution, this paper explores how data credit reconstructs the trust mechanism in SCF, facilitating its "de-coring" process. The research identifies a three-stage evolutionary path: "credit asset construction–data asset integration – 'de-coring' capability release." It further indicates that fintech platforms gradually assume triple functions throughout this evolution: credit hub, service hub, and value hub. These findings extend the theoretical framework concerning the realization mechanisms of "de-coring" and the functions of platform enterprises, providing a reference for practical innovation in SCF.