Blockchain-enabled supply chain finance and operational performance of blockchain enterprise: an empirical study from China

Based on the empirical study using convex nonparametric least squares (CNLS) with a within estimator for panel data analysis, this research examines the impact of supply chain finance (SCF) on blockchain enterprise operational performance. The methodology mitigates over-parameterization by assigning unique shadow prices to each firm, enhancing interpretability. Results reveal significant industry heterogeneity: SCF substantially improves operational performance in the application software and information technology consulting sectors, where financing constraints are acute. This positive effect is primarily driven by the use of notes payable rather than short-term loans, reflecting the varying accessibility and suitability of different SCF instruments. Conversely, internet software and electronic equipment firms exhibit negligible responsiveness, attributed to alternative financing access (e.g. equity, policy-backed loans) or misaligned SCF instrument terms. The study underscores the context-dependent efficacy of blockchain enterprises SCF, advocating tailored implementation to alleviate SME financing bottlenecks and optimize supply chain resilience. Policy and managerial emphasis should prioritize user-centric blockchain solutions to amplify operational gains.