Taking the listed companies of Shanghai and Shenzhen A-shares from 2013 to 2022 as samples, the impact of supply chain finance on corporate financial risks was verified through empirical research. The moderating effect of digital transformation on the above relationship was explored, and the mechanism and path through which supply chain finance affects financial risks was analyzed. The results show that supply chain finance can significantly reduce corporate financial risks，this reducing effect is more significant among small enterprises, high-tech enterprises and those in the manufacturing industry， digital transformation has a significant positive moderating effect on the above relationship， and the impact mechanism indicates that financing constraints have a significant mediating effect.