["Economics &Politics, Volume 38, Issue 1, Page 5-17, March 2026. ", "\nABSTRACT\nUnder globalization and economic uncertainty, enterprises optimize supply chain configurations via supply chain finance (SCF). From the perspective of supply chain governance, we use A‐share listed company data (2007–2021) and find that SCF reduces concentration and promotes diversification, especially in high‐trust, uncertain environments. When the mechanism test is adopted, the supply and demand coordination cost and the financing cost and enterprise risk of core enterprises in the upstream and downstream transaction process can be significantly reduced, and the transparency of the supply chain can be improved. These features promote the diversified supply chain configuration of enterprises and ensure supply chain security.\n"]