关键词: 国有资本参股, 供应链, 银行信贷融资, 商业信用, 供应链稳定性

Abstract: Currently，China is accelerating the construction of the new development paradigm featuring dual circulation，in which domestic and overseas markets reinforce each other，with the domestic market as the mainstay In the process of improving the modernization level of the supply chain，stateowned enterprises have been given an important mission How to accelerate the full fulfillment of the mission of stateowned enterprises in the industrial chain and supply chain，mixed ownership reform can be seen as the way to solve the problem This paper explores the impact and mechanism of stateowned capital participation on credit financing for upstream and downstream enterprises in the supply chain of private enterprises，from the perspective of supply chain spillover
This paper found that stateowned capital participation has increased the credit scale and credit term of the main suppliers of the private enterprises participated in，but has reduced the bank credit financing level of the main customers；Mechanism research has found that the asymmetry of the credit enhancement effect of private enterprises with equity participation on upstream and downstream enterprises is an important internal influencing mechanism At the same time，private enterprises that are invested in will alleviate their financing difficulties by providing commercial credit to downstream enterprises as an alternative to bank credit financing methods；In addition，when credit policies are loose and supply chain dependence is high，supply chain spillover effects are more significant；Finally，stateowned capital participation can further consolidate the overall stability of the supply chain by enhancing the financing capabilities of the upstream and downstream enterprises in the private enterprise supply chain
Compared to existing studies，this paper makes possible marginal contributions in three aspects： firstly，expanding the scope of economic benefits of stateowned capital participation Secondly，the theoretical and empirical aspects reveal the inherent mechanism of the asymmetric impact of stateowned capital participation on bank credit financing for upstream and downstream enterprises in the supply chain of private enterprises Thirdly，the mechanism of stateowned capital participation in the supply chain of private enterprises was explored from the perspectives of bank credit and commercial credit，and the impact of supply chain financing on the stability of the entire supply chain was explored

Key words: state-owned capital participation, supply chain, bank credit financing, trade credit, supply chain stability