Author(s)

Yuxiao Zhang

Corresponding Author

Yuxiao Zhang

Abstract

This study focuses on the credit spillover effects of core enterprises in supply chain finance, addressing the insufficient quantification in existing research. Using a sample of 128 core enterprises and 846 upstream and downstream associated enterprises listed on China's A-share market from 2018 to 2023, the paper studies and constructs a panel data regression model to explore the influence of core enterprise credit status on the financing of upstream and downstream enterprises and industry differences, identify risks and put forward control strategies.. Empirical results reveal that the credit status of core enterprises negatively correlates with financing costs for upstream and downstream firms while positively correlating with financing accessibility. Furthermore, the credit spillover effect is stronger in the electronics and information industry than in traditional agriculture. The study identifies three categories of risk—credit, market, and operational—and proposes a multi-stakeholder collaborative risk management framework. These findings contribute to refining supply chain finance theory and ensuring the stable operation of related business activities.

Keywords

Supply Chain Finance, Credit Spillover Effects, Risk Management, Financing Costs, Industry Heterogeneity