Abstract: In recent years, more and more attention has been paid to the question of how to prevent and resolve corporate debt risks. As an important tool to serve the high-quality development of the real economy, supply chain finance has also received widespread attention. Using the data of A-share listed companies, this paper examines the role of supply chain finance in preventing debt risk from the perspective of maturity mismatch of investment and financing. It is found that the implementation of supply chain finance strategy can significantly restrain enterprises from maturity mismatch of investment and financing, and the effect of two-way supply chain finance and digital supply chain finance is better. Extended test finds that supply chain finance reduces maturity mismatch of investment and financing by increasing operating cash flow and equity financing. The inhibitory effect of supply chain finance on maturity mismatch of investment and financing is more significant for enterprises with weak long-term debt financing capabilities and strong short-term debt financing capabilities. The inhibitory effect of supply chain finance on maturity mismatch of investment and financing can reduce the business risk and financial risk of enterprises, and improve the financial performance and investment efficiency. This paper not only enriches and expanded the research on the mechanism of supply chain finance serving the real economy and the influencing factors of maturity mismatch of investment and financing, but also provides empirical evidence and policy reference for enterprises and government departments to scientifically reduce corporate debt risks, prevent systemic financial risks and better use supply chain finance to serve the high-quality development of the real economy.

Key words: supply chain finance, maturity mismatch of investment and financing, internal financing, external financing, core firms