Supply Chain Financing and Total Factor Productivity: Evidence From Listed Manufacturing Companies in China

ABSTRACT This study utilizes data related to the manufacturing stock market to explore the impact of supply chain finance on total factor productivity and its related mechanisms, with a view to providing reference for the healthy operation of enterprises and economic growth. Empirical results show that supply chain finance can effectively improve the total factor productivity of manufacturing enterprises and enhance their innovation capabilities and risk tolerance. At the same time, the level of information disclosure and the ‘Big Four’ audits have a significant moderating effect on the relationship between supply chain finance and total factor productivity.