供应链金融基于产融协作，通过真实贸易背景由核心企业向上下游传递信用缓解信息不对称，进而解决融资难、融资贵问题。研究供应链金融对融资成本的影响有重要的理论和实践意义。本文深入分析了供应链金融降低融资成本的机制，并基于2015-2019年某金融机构大样本微观数据实证。主要发现为：1.供应链金融可降低企业贷款利率，上下游企业自身财务数据对供应链融资贷款利率并无显著影响。2.从异质性看，不同所有制、担保方式、对供应链依赖程度的企业运用供应链金融降低贷款利率效果各不相同，越依赖供应链获得融资的企业使用供应链金融降贷款利率效果越显著。3.从核心企业自身看，核心企业财务数据变动对上下游企业贷款利率存在非线性作用，且核心企业自身贷款利率会对其上下游企业贷款利率产生正向传导。4.从核心企业与银行关系看，供应链与银行的合作年份越长越有利于降低上下游企业贷款利率，核心企业在银行的结算交易对手越多越有利于降低上下游企业贷款利率。5.从上下游对比看，核心企业信用传导带来的降贷款利率效果在上游体现更加明显，存在非对称性。本文的创新性体现在：1.从理论和实践相结合的角度系统总结了供应链金融降低融资成本的机制，并对供应链金融降低贷款利率的作用做了精确、多角度的实证分析，弥补了既有研究的不足。2.构建基于多维度、借据粒度的微观融资数据库，相较以往研究更精确刻画了主要的被解释变量（贷款利率）和解释变量（是否为供应链金融）。3.基于融资借据五级分类情况验证了供应链金融对于风险水平的降低，给出了该模式降低风险成本的量化证据。4.首次探索将融资中的“关系”由“银行与单一企业层面的关系”拓展到“银行与整条供应链的关系”，并量化分析了后者对降低上下游企业贷款利率的影响，丰富和深化了相关研究。5.从异质性角度，发现不同所有制、不同担保方式、不同对供应链依赖程度的企业运用供应链金融降融资成本的效果差异，一方面呼应了“所有制歧视”等文献发现，另一方面深化和细化了对供应链金融降成本的作用认识。6.针对既有的供应链金融研究缺失面向下游企业的实证研究现状做了弥补，并检验了核心企业对上下游企业融资成本的影响是否相同。7. 对于供应链金融模式的关键主体“核心企业”信用传递的影响因素、效果等给出了量化证据。本文的研究结果有利于加深了解供应链金融降低融资成本的效果和机制，有利于让各参与主体明确如何相互协同以促进共赢，最终促进供应链金融的高质量发展。

Due to information asymmetry, private enterprises and micro, small and medium-sized enterprises have "difficult and expensive financing", which has always been an important problem for academia and industry to solve. Supply Chain Finance (SCF) is a kind of financing solution based on close cooperation between industries and financial institutions. With authentic trading records and core company’s credit transmissions, upstream and downstream firms could get funding more effectively, more efficiently, and less costly. It is of great theoretical and practical significance to study the influence of supply chain finance on corporate loan interest rate.This paper makes an in-depth analysis of the theoretical mechanism of supply chain finance to reduce financing costs, and quantitatively analyzes the impact of bank-led supply chain finance on corporate loan interest rate based on the multi-dimensional sample data of financing enterprises of a financial institution from year 2015 to 2019. The main findings are as follows. 1.Supply chain finance can indeed reduce the loan interest rate, but the financial data of the upstream and downstream firms had no significant influence on the loan interest rate. 2.Based on heterogeneity analysis, firms with different ownership, different guarantee methods and different levels of dependency on supply chain to get financing would have different effects on loan interest rate when using supply chain finance..3.The core companies’ financial data had a nonlinear effect on the loan interest rate of the upstream and downstream companies, and the loan interest rate of the core company itself would have a positive effect on the supply chain companies. 4.Based on the relationships between the core companies and the bank, the longer time the supply chain had worked with the bank, the cheaper the loan interest rate for the certain supply chain companies, and the more the number of settlement counterparties the core company had, the cheaper the loan interest rate on the certain supply chain companies. However, neither the number or volume of transactions of the core companies, nor the number of bank products held by the core companies has significant influence on the loan interest rate for the upstream and downstream companies.5.The effects of lower loan rates are asymmetrical, as the data showed that the upstream companies would have significant more influence on reducing loan interest rate than the downstream companies.The study advances the understanding of supply chain finance’s impact on the credit cost of supply chain companies in the following aspects. 1.From the perspective of combining theory and practice, this paper systematically summarizes and deeply analyzes the mechanism and effect of supply chain finance to reduce financing cost, and makes an accurate and multi-angle empirical analysis on the role of supply chain finance to reduce loan interest rate, which makes up for the deficiency of existing research. 2.By constructing a micro-financing database based on multi-dimension and IOU granularity, this paper describe the main explained variables (loan interest rate) and explanatory variables (whether it’s supply chain finance) more accurately than previous studies. At the same time, the high-dimensional fixed-effect model was used to make relevant individual, temporal and supply chain fixed-effect analysis. 3.Based on overdue and five-category assets classification of loans, this study has shown that supply chain finance could significantly lower the risk cost of loans, which is the main component of credit cost. 4. Combined with the reality of supply chain finance, this paper explore the extension of the "relationship" in financing from "the relationship between the bank and a single enterprise" to "the relationship between the bank and the whole supply chain", and quantitatively analyze the influence of the latter on reducing the loan interest rate of upstream and downstream enterprises, enriching and deepening the relevant research. 5.From the perspective of heterogeneity, it finds out that enterprises with different ownership, different guarantee methods and different degree of dependence on supply chain have different effects on reducing financing costs by using supply chain finance. On the one hand, it echoes the findings of the literature such as "ownership discrimination", and on the other hand, it deepens and refines the understanding of the role of supply chain finance in reducing financing costs. 6.This paper makes up for the lack of existing research on the downstream supply chain finance, and tests whether the core enterprises have the same impact on the financing costs of upstream and downstream enterprises. 7. It gives quantitative evidence on the influencing factors and effects of credit transmission of "core enterprises", the key subject of supply chain finance model.The research results of this paper are helpful to deepen the understanding of the effect and mechanism of supply chain finance to reduce financing costs, and help all participants to clarify how to cooperate with each other to promote win-win situation, and finally promote the high-quality development of supply chain finance.