摘要
供应链金融作为一种新型金融服务,对于企业提升融资效率、降低交易成本有着重要作用,而巨大利益背后往往伴随着伪供应链金融事件频发,“供应链安全”逐渐被提升到宏观国家安全体系的层次.本文利用2007–2021年沪深两市A股非金融类上市公司的数据进行实证研究发现,开展供应链金融会显著降低企业的风险承担水平,且在非国有企业、小规模企业中体现得更加明显.机制检验表明,供应链金融会通过提高公司经营效率、缓解投资不足、稳定供应链关系等传导路径增强产业链供应链韧性进而降低上市公司风险承担水平.此外,拥有良好银企关系、行业竞争度更高、管理层风险偏好更高的企业,可以更大程度地增强供应链金融对降低企业风险承担的作用.在当前企业面临环境不确定性较高的背景下,本文研究为企业开展供应链金融以降低企业生产经营风险与财务风险进而维护产业链供应链安全提供可行思路.
As a new financial service,supply chain finance plays an important role in improving financing efficiency and reducing transaction costs for enterprises.Behind the huge benefits there are often frequent incidents of pseudo supply chain finance,and“supply chain security”is gradually elevated to the level of the macro national security system.This paper uses the data of A-share non-financial listed companies in Shanghai and Shenzhen Stock markets from 2007 to 2021,and we find that supply chain finance can significantly reduce firms’risk-taking,while this negative relationship is more obvious in non-state-owned enterprises and small enterprises.Further analysis shows that supply chain finance will enhance the resilience of the industrial chain and supply chain by improving the company’s operating efficiency,alleviating underinvestment,stabilizing supply chain relations to reduce the risk-taking level.In addition,enterprises with good bank-enterprise relationship,higher industry competition and higher risk preference of management can enhance the reducing effects to a greater extent.Under the background of high environmental uncertainty faced by enterprises at present,this paper provides feasible ideas for enterprises to carry out supply chain finance to reduce production and operation risks and financial risks,and then maintain the security of industrial chain and supply chain.
作者
刘一鸣
曹廷求
刘家昊
LIU Yiming;CAO Tingqiu;LIU Jiahao(School of Economics,Shandong University,Jinan 250100,China;Department of Humanities and Social Sciences,Shandong University,Jinan 250100,China;Industrial Finance Research Center(Jinan),Shandong University,Jinan 250100,China;Licang District Finance Bureau,Qingdao 266000,China)
出处
《系统工程理论与实践》
北大核心
2025年第2期391-407,共17页
Systems Engineering-Theory & Practice
基金
山东省自然科学基金青年项目(ZR2024QG004)
山东省高等学校青创科技支持计划(2023RW009)
国家社科基金重大项目(19ZDA091)
山东省高等学校青创科技支持计划(2022RW049,2022RW062)。
关键词
供应链金融
风险承担
供应链关系
产业链供应链安全
supply chain finance
risk-taking
supply chain relationship
industrial chain and supply chain security
