Abstract: In recent years, supply chain finance as a kind of relationship behavior among enterprises has gradually become an effective way to solve the financing problems of small and medium-sized enterprises (SMEs). In such a context, this study constructs a theoretical model of the dual relationship and innovative capacity of SMEs in the supply chain network that affects the supply chain financing performance to examine the situational effect of environmental uncertainty. By analyzing 228 valid samples, this study finds that the dual relationship of SMEs in the supply chain network has a positive impact on their supply chain financing performance, that innovation capability has a partial mediating effect between SMEs’ exploitative relationship and supply chain financing performance, while it has a complete mediating effect between SMEs’ exploratory relationship and supply chain financing performance, and that environmental uncertainty has a positive moderating effect on the relationship between SMEs’ innovation capability and supply chain financing performance.

Key words: supply chain finance; dual relationship; innovation capability; financing performance