Abstract: Supply chain finance has become an effective way for SMEs to solve financing difficulties. Based on the transaction cost theory, this paper constructs a theoretical model of supply chain financing performance from the perspective of supply chain governance. Taking the survey data of 248 small and medium-sized enterprises as the research sample, this study finds that both relationship governance and contract governance can positively affect the supply chain financing performance. Joint decision making plays a mediating role between supply chain governance and supply chain financing performance, while the mediating role of information sharing is not significant. With the increase of environmental uncertainty, contract governance can better improve the supply chain financing performance of small and medium-sized enterprises. This paper explores the mechanism of how relationship governance and contract governance influence supply chain financing performance, which is of great value for expanding supply chain finance theory and has certain guiding value for solving the financing difficulties of small and medium-sized enterprises.

Key words: information sharing, joint decision making, supply chain governance, supply chain finance, transaction cost theory