Supply Chain Finance and Innovation Investment: Based on financing constraints

We selected the data of listed small and medium-sized enterprises (SMEs) in China from 2012 to 2022 as the research sample to explore the impact of supply chain finance on SMEs' R&D investment. It is found that supply chain finance can effectively help SMEs to improve their R&D and innovation investment; internal control ability and risk-taking level play a moderating role in the impact of supply chain finance on innovation investment; and financing constraints play a mediating role in the relationship between supply chain finance and SMEs' R&D investment.