Abstract: The key to promoting enterprises to achieve high-quality development and stimulating the vitality of economic development is to improve the efficiency of capital allocation. In the context of global industrial chain reconstruction and the intensifying competition between major powers, it is of paramount importance for enterprises to enhance the overall supply chain synergy and cooperation and to restructure the stable and secure supply chain relationships. Based on this, using the data from listed companies and their upstream and downstream supply chains from 2008 to 2022, this paper examines the impact of supply chain shareholding on corporate capital allocation efficiency and its underlying mechanisms. The findings indicate that supply chain shareholding helps enhance corporate capital allocation efficiency, with broadening financing channels and improving the corporate information environment serving as two potential mechanisms. The heterogeneity analysis reveals that the promoting effect of supply chain shareholding on corporate capital allocation efficiency is more pronounced in enterprises with weaker supply chain stability and lower“chain leader”status, as well as in those operating during industry economic downturns. The analysis of economic consequences demonstrates that supply chain shareholding can improve the efficiency of capital allocation in enterprises, thereby reducing the risk of bankruptcy. Therefore, it is recommended that government departments further improve the supporting policy system related to supply chain shareholding, formulate special support policies and adopt incentive measures, actively guide and promote the construction of supply chain cooperation relationships and equity linkage mechanisms among enterprises, so as to fully play the important role of supply chain shareholding in optimizing resource allocation and improving capital operation efficiency.

Key words: supply chain shareholding, enterprise capital allocation efficiency, financing channel, information environment