Financial Flows, Stronger Chains: The Supply Chain Finance Effect on Industrial Resilience

This study investigates the mechanisms and pathways through which supply chain finance (SCF) enhances industrial chain resilience (ICR) using panel data from Chinese A-share listed companies and provincial economic indicators from 2013 to 2023. Based on a four-dimensional composite index of industrial chain resilience—encompassing profitability, innovation, government intervention, and financing capacity—and employing entropy weighting and fixed-effects regression models, we find that SCF significantly strengthens ICR. The positive effect remains robust after addressing endogeneity concerns and conducting a battery of sensitivity checks. Mechanism analysis reveals that SCF operates through two core channels: optimizing regional industrial structure and strengthening enterprise linkages. Furthermore, the moderating role of the tertiary industry is confirmed, indicating that regions with a higher share of tertiary sectors experience a more pronounced SCF–ICR relationship. Regional heterogeneity analysis demonstrates that the resilience-enhancing effect of SCF is particularly significant in eastern China, attributable to its more developed financial infrastructure and innovative industrial base. The findings underscore the strategic importance of SCF in building resilient industrial systems and offer policy insights for promoting technology finance, digital finance, and inclusive finance in support of industrial upgrading and risk resistance.