Supply Chain Finance and the Sustainable Growth of Chinese Firms: The Moderating Effect of Digital Finance

Sustainable development is crucial to the survival and healthy of enterprises, which closely related their financing situation. Supply chain finance an effective way improve enhance situation by easing constraints reducing costs. As important source supply short-term financing, trade credit plays role in enterprise production circulation. Taking Chinese listed companies from 2011 2020 as samples, this paper studied impact on sustainable growth its internal mechanism. Furthermore, we analyzed moderating effect digital influence growth. It found that receiving benefited firms’ study has a greater positive enterprises regions with higher levels financial development, high-tech industries, state-owned small enterprises. Whereas, provision had obvious inhibiting low level non-high-tech private The results influencing mechanism showed promoted firm’s “agency cost effect,” while providing inhibited “forcing effect.” In addition, weakens enterprises’ but strengthens negative From perspective growth, explained alleviating dilemma urgently needed most emerging economies pursuing high-quality development. Therefore, order give full play government should actively create good environment. At same time, vigorously develop ability serve real economy.