Factoring financing is the most widely used form of supply chain finance, which has been adopted by more and more enterprises. The existing literature focuses on the motivation of suppliers to adopt factoring financing and the factors that affect the development of factoring. However, little attention is paid to the results of factoring. This study uses the event study method, draws on the Extended Resource based theory (ERBT), discussing how the factoring business announcement affects the stock market value of listed companies from the perspective of competitive advantage and the firm's own characteristics. By manually collecting 205 factoring business announcements from 115 Chinese listed companies from October 2019 to December 2022, we found that: (1) from the perspective of competitive advantage, the announcement of factoring business by non-Combination of Industry and Finance enterprises or their holding enterprises has more positive impact on the stock price of the enterprises. There is no obvious relationship between the size of factoring quota and stock price. (2) From the perspective of the enterprise's own characteristics, the announcement of factoring business by state-owned enterprises and small-scale enterprises can have a positive impact on the stock price of the enterprise. Before and after the Civil Code came into effect, there was no significant difference in the relationship between factoring business announcements and stock prices. This study uses secondary data to fill the gap in the study of the impact of factoring announcements on stock market value. This paper discusses the relationship between factoring business announcement and stock market value from the perspective of competitive advantage for the first time, providing theoretical guidance for managers to adopt factoring business under what circumstances. In addition, this study also provides documentation for the empirical study of factoring business announcements in China.

This article develops a model in which an intermediary uses a supply chain finance (SCF) program to fund suppliers. The SCF program pools liquidity from suppliers and meanwhile provides immediate payment to suppliers with pressing liquidity needs. We show that the intermediary optimally selects not only suppliers with positive profitability but also suppliers with negative profitability who, however, contribute to the liquidity pool. Inserting the model to an otherwise standard monetary framework, we show that with higher nominal interest rates, the SCF program emphasizes the liquidity contribution more and the profitability contribution less. Deviating from the Friedman rule, where only suppliers with positive profitability are selected, may lead to welfare gains.

Establishing a comprehensive risk management system and establishing a sound and effective internal control mechanism are important conditions for the survival and healthy development of enterprises. Enterprises should continue to innovate their internal control mechanisms, continuously improve and strengthen their internal control and risk management functions, continuously improve their internal control effectiveness, and assist in high-quality development of enterprises. The article elaborates that the digital transformation of auditing helps to achieve internal audit goals and improve the effectiveness of internal control; Blockchain technology, due to its excellent characteristics of distributed decentralization, authenticity, transparency, and tamper resistance, will help transform the methods of financial and accounting business and audit supervision; The application of blockchain technology in the field of auditing will inevitably lead to the reshaping of audit work models; Blockchain technology will become a trigger point for the audit revolution, comprehensively empowering audit and risk management work. The article introduces JD's blockchain ABS standardization solution, while Tencent and TCL Group's industrial blockchain solve the reliable transmission of trust and value at low cost, confirming that the close combination of blockchain technology with enterprise finance and auditing can assist internal control and play an important risk prevention and control role in enterprise operations. The "blockchain+audit" can achieve online real-time audit, risk assessment and warning, and data analysis becomes the core of audit content; Blockchain+auditing will become an important tool for internal control and risk management in enterprises.

In the era of digital economy, innovation in industrial chain and supply chain is an important part of industrial transformation and upgrading, and also an inevitable choice for enterprises to win competitive advantages. The competition between enterprises is not only about products and services, but also about the industry chain, supply chain, and value chain; The autonomy and controllability of the supply chain and its management level determine the quality of enterprise operation and development. This paper analyzes the characteristics of Midea Group's intelligent supply chain management, discusses the supply chain financial characteristics of Haier, Sany Group and Xiaomi, and confirms the importance of industrial chain and supply chain Financial innovation for high-quality development of manufacturing industry. Pointing out the necessity and feasibility of digital technology empowering innovation in logistics and supply chain management, smart supply chain is the guarantee for large-scale personalized customization, and supply chain finance plays an important role in the development of industrial clusters.