Cross-Border Payments and Corporate Supply Chain Risk: The Heterogeneous Effect of Financial Regulation

Existing research primarily focuses on the role of cross-border payments in improving efficiency, while relatively little attention has been paid to the supply chain risks they may introduce. To fill this gap, this study uses data from Chinese A-share listed companies on the Shanghai and Shenzhen stock exchanges from 2010 to 2023, constructing an econometric model to empirically test the impact of cross-border payments on corporate supply chain risk and its underlying mechanisms. The findings reveal that: (1) cross-border payments significantly increase corporate supply chain risk; (2) exchange rate exposure and trade credit financing are key mechanisms in this process; and (3) the intensity of financial regulation significantly weakens the impact of cross-border payments on corporate supply chain risk. This study provides theoretical and policy insights for optimizing the cross-border payment system and managing corporate supply chain risks.