Supply chain finance (SCF) is a crucial factor in driving supply chain development as it focuses on the flow of funds within the supply chain. In the realm of digital finance, companies engage in innovative research and development and participate in supply chain finance to secure stable and sufficient funds. This paper conducts a theoretical study on SCF, supply chain concentration(SCC), and enterprise innovation performance(EIP), and presents theoretical models and hypotheses. The empirical analysis in this article utilizes data from A-share listed companies in Shanghai and Shenzhen, China, spanning from 2011 to 2020, employing a fixed effects model. The results showed that: (1) SCF has a positive and significant impact on EIP; (2)SCC acts as a complete intermediary in the relationship between SCF and EIP. The results offers practical insights for enterprises to assess the value of supply chain cooperation relationships, enhance supply chain financial service capabilities, and improve the economic benefits of enterprise innovation. The results also provide guidance for organizational transaction relationship management between supply chain partners in practice.