中文摘要：

近年来,立足于实体经济、旨在解决中小企业融资难的供应链金融成为广受关注的话题。但以往关于供应链金融的理论研究只是停留在对概念和现象的分析上,忽略了供应链金融产生的理论基础,以及在供应链金融不同发展阶段上主体要素、客体要素及追求目标的差异。在供应链金融发展的不同阶段（供应链金融1.0、供应链金融2.0和互联网供应链金融）上,供应链金融的客体要素,即结构、流程和要素显现出不同的特征,而供应链金融的主体要素,即供应链金融的推动者的业务运营能力和信息系统建构能力也不尽相同,二者共同对供应链金融的作用的发挥产生影响。

英文摘要：

In recent years, Supply Chain Financing （SCF）, which aims at solving financing difficulties of SMEs, has attracted more attention in both academic and practical world. Based on the literature review, this paper proposed that understanding of SCF has undergone different stages, and previous studies are constrained to mere analysis concept and phenomenon, which is regarded negli- gence of theoretical foundation of supply chain finance. Moreover objective features and subjective be- havior in each stage need to be explored. This paper proposes three type of supply chain based on struc- ture, process and elements, and further analyze corresponding finance behaviors.