With the gradual rise of the supply chain financial model and the expansion of scale, credit risk and contagion effects are gradually strengthened as business and financial links between upstream and downstream enterprises in the supply chain. The traditional credit risk contagion assessment model based on the financial status of an enterprise and the pledging of fixed assets has been unable to meet the basic needs of modern supply chain companies and financial institutions for risk control. Therefore, this paper introduces the Cox-Copula model to comprehensively assess a company's financial situation and the business health of upstream and downstream companies in the supply chain from the perspective of actual transactions between companies and fixed asset pledges. The study found that credit risk has a contagion effect in supply chain enterprises, and this contagion effect of credit risk has certain dynamic characteristics. At the same time, it was found that the impacts of macroeconomic factors and microfinance factors on credit risk contagion of supply chain finance have differences in the two dimensions of degree and direction of action.
