Abstract: Small and medium-sized enterprises can obtain more financing opportunities by relying on supply chain networks, and the structural characteristics of supply chain networks are closely related to their financing performance. This paper, based on the research approach of “network–capability–performance”, investigates the relevant mechanisms that affect the financing performance of small and medium-sized enterprises in the supply chain network, the effect of supply chain network structure on the entire process of financing performance by affecting the innovation ability of enterprises, and the moderating role of supply chain complexity in the entire intermediary model. Based on survey data from over 300 enterprises in Xi’an, and using structural equation modeling and process analysis methods, the empirical findings reveal that the innovation capability of enterprises mediates the relationship between supply chain network heterogeneity and supply chain financing performance. However, supply chain complexity has a negative moderating effect throughout the mediating process, weakening the influence of innovation capability in complex supply chain environments. In contrast, the innovation capability of enterprises does not mediate the relationship between supply chain network size and financing performance. Nevertheless, supply chain complexity plays a negative moderating role in this pathway, dampening the positive influence of network size on financing outcomes. This paper not only deepens the application of information asymmetry theory and extends the theoretical understanding of supply chain finance, but also provides management references for supply chain financing practices of SME in different research contexts.

Key words: supply chain network structure, supply chain financing performance, enterprise innovation ability, supply chain complexity

摘要： 中小企业依托供应链网络能够获取更多融资机会，供应链网络的结构特征与其产生的融资绩效息息相关。依据“网络-能力-绩效”的思路，基于供应链网络视域，在信息不对称理论的基础上，探究网络结构影响供应链融资绩效的影响机理，检验了企业创新能力在供应链网络结构影响融资绩效过程中的中介作用，并探索供应链复杂性在整个中介模型中所发挥的调节作用。通过对西安市300余家企业的调研，利用结构方程模型与PROCESS分析方法进行实证研究，最终发现：企业创新能力在供应链网络异质性对融资绩效的影响过程中存在中介作用，同时供应链复杂性在整个中介过程中产生了负向调节作用；而企业创新能力在供应链网络规模对融资绩效的影响过程中不存在中介作用，但供应链复杂性在供应链网络规模影响供应链融资绩效的过程中产生负向调节作用。在拓展信息不对称理论研究深度的同时，为不同情境下中小企业的供应链融资实践提供了理论依据与参考。

关键词: 供应链网络结构, 供应链融资绩效, 企业创新能力, 供应链复杂性