Abstract: Unlike most existing literature that focuses on economic consequences of the “financial attribute” of supply chain finance, namely the financing effect, this paper examines whether the “supply chain attribute” of supply chain finance can help improve the supply chain operation efficiency of enterprises from the perspective of micro-enterprises’ inventory adjustment behavior. Specifically, in this paper, the text analysis method was used to measure the development level of supply chain finance of listed companies, and inventory detail data was used to investigate the impact of supply chain finance on the inventory level of enterprises. The findings are as follows: (1) Supply chain finance can significantly improve the efficiency of supply chain operation, which can reduce the inventory level of enterprises; (2) Mechanism test confirms that improving enterprise inventory management ability and shortening enterprise procurement lead time are two mechanisms of supply chain finance to reduce enterprise inventory level; (3) Heterogeneity analysis shows that in non-state-owned enterprises, enterprises with high artificial intelligence development level and enterprises with strong support from local supply chain finance policies, supply chain finance has a greater effect on reducing their inventory levels; (4) Economic consequence test confirms that the “destocking” effect of supply chain finance helps to enhance enterprise value.