Abstract: As an important part of modern financial services, supply chain finance is of great significance to the development of enterprises. By selecting the panel data of A-share listed companies in Shanghai and Shenzhen stock exchanges from 2010 to 2022, this paper conducts a test on the impact mechanism of supply chain finance on enterprises’ focus on main business and its economic consequences. The findings show that supply chain finance has significantly promoted enterprises to focus on the main business, and the longer the years, the greater the capacity and the higher the level of supply chain finance the enterprises carry out, the better their focus on their main business. This promotion effect is mainly due to the“resource access effect”and“information governance effect”brought by supply chain finance, which can be achieved by reducing corporate financing costs, easing financing constraints, improving corporate information transparency, and restraining executives’ excessive investment behaviors. Moreover, the above effect is more significant on enterprises with lower level of regional financial development, in industries under depression, and without bank-enterprise relationship. The expansion analysis reveals that supply chain finance can improve the performance of enterprises on their main business while promoting the focus of enterprises on their main business. Therefore, enterprises should actively carry out supply chain finance and build stable cooperative relationships; the government should implement policies according to enterprises and create a favorable environment; and the financial institutions should innovate supply chain financial products and services, accurately match the demands of enterprises, jointly help enterprises focus on their main business, strengthen the supporting function of supply chain financial services for the real economy, and promote the optimization and upgrading of the industrial chain supply chain.

Key words: supply chain finance, enterprises focusing on the main business, financing constraints, information transparency