The core enterprise is the key to the development of agricultural supply chain finance business,and the balance of risk and return is the starting point for the decision-making of the core enterprise.Using the 2012-2021 A-share agricultural listed companies as samples,this study empirically analyzes the relationship between supply chain finance and the operational performance of core agricultural supply chain enterprises,as well as the impact of supply chain structure on enterprise performance,using a two-way fixed effects model and a moderating effects model.The results indicate that supply chain finance is positively correlated with business performance,and the concentration of the supply chain will has a positive impact on the operational performance of enterprises.The positive impact of supply chain structure on business performance is better in non-state-owned enterprises with higher management shareholding ratios.The risk management capability of core enterprises is the foundation of the development of agricultural supply chain finance.
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