【摘要】 供应链金融作为一种创新金融模式，能够增强金融服务实体经济的能力，是推动企业可持续发展的重要抓手。基于2013—2023年中国A股上市制造企业数据，实证检验供应链金融对企业可持续发展能力的影响。研究发现：供应链金融显著促进制造企业可持续发展能力提升。机制检验发现：供应链金融能够通过加速持续创新、提高商业信用以及提升风险承担能力等传导路径促进企业可持续发展能力的提升。异质性分析发现：供应链金融对可持续发展能力的影响作用在企业规模、企业生命周期、供应链集中度、银企关系、市场化水平、营商环境指数等样本中存在异质性。鉴于此，应推进供应链金融规范化发展，发挥供应链金融协同创新作用，完善信用体系建设，优化风险防控与应对机制，为企业可持续发展提供有力支撑。更多还原

【Abstract】 Supply chain finance, as an innovative financial model, enhances the ability of financial services to support the real economy and plays an important role in promoting the sustainable development of enterprises. Based on panel data of A-share listed manufacturing firms in China from 2013 to 2023, this study empirically examines the impact of supply chain finance on firms’ sustainable development capability. The results show that supply chain finance significantly promotes the improvement of sustainable development capability of manufacturing firms. Mechanism analysis indicates that supply chain finance enhances firms’ sustainable development capability by promoting continuous innovation, improving commercial credit, and increasing risk-taking capacity. Further heterogeneity analysis reveals that the impact of supply chain finance varies significantly across firms with different sizes, life cycles, supply chain concentration, and regional marketization levels. Accordingly, it is necessary to promote the standardized development of supply chain finance, strengthen collaborative innovation, improve the credit system, and optimize risk prevention mechanisms so as to better support the sustainable development of enterprises.更多还原