摘要
商业信用是企业维系客户关系的重要工具,而中小企业普遍存在过度提供商业信用的情况,其供应链交易稳定性可能受到多重复杂影响。本文以《中小企业促进法》的实施为准自然实验,识别中小企业商业信用提供与供应链交易稳定性之间的因果关系。研究发现,中小企业款项保障政策实施后,中小企业与下游国有企业供应链交易稳定性显著提升。机制研究表明,融资约束缓解和竞争激励效应促进了中小企业增加运营管理和创新研发投资,从而提升了与下游企业交易稳定性。进一步研究发现,中小企业处于营商环境较好的地区和耐用消费品等行业时,商业信用款项保障政策对供应链交易稳定性促进作用的影响更为明显。
Commercial credit serves as a critical tool for enterprises to maintain customer relationships.However,small and medium-sized enterprises(SMEs)often provide commercial credit excessively,which may exert complex effects on the stability of their supply chain transactions.This study takes the implementation of China's Small and Medium-sized Enterprises Promotion Law as a quasi-natural experiment to identify the causal relationship between SMEs'commercial credit provision and the stability of supply chain transactions.The findings reveal that after the enforcement of the law,the stability of transactions between SMEs and downstream state-owned enterprises(SOEs)significantly improved.The mechanism analysis shows that the alleviation of financing constraints and the competitive incentive effect encourage SMEs to increase investments in operational management and R&D,thereby enhancing transaction stability with downstream enterprises.Further research indicates that the impact of the commercial credit protection policy on supply chain stability is more pronounced for SMEs in a better business environment or in industries such as durable consumer goods.
作者
王博
荣师竹
Wang Bo;Rong Shizhu
出处
《东岳论丛》
北大核心
2025年第11期124-138,192,共16页
DongYue Tribune
基金
国家社会科学基金重大专项“推进人民币国际化的重大意义、发展路径和制度举措研究”(项目编号:24ZDA044)
天津市科技计划项目“天津市构建同科技创新相适应的科技金融体制对策研究”(项目编号:24ZLRKZL00050)
云南省省院省校教育合作人文社科研究项目“云南绿色金融风险防控与危机处置研究”(项目编号:SYSX202407)。
