摘要
增强供应链韧性对于构建现代化的产业体系具有重要意义。本文基于2009—2022年中国A股上市企业数据,以供应链节点企业的恢复能力来评估供应链韧性,从实证层面探究科技金融试点政策对供应链韧性所产生的影响效应、作用机制以及表现差异。研究表明:第一,科技金融政策能够增强供应链的韧性,并且经过稳健性检验依然成立。第二,基于金融功能理论的分析框架,试点政策依托科技金融的功能性优势,可以缓解供应链节点企业的融资约束、优化多节点企业间的协同配置、驱动链上节点企业的技术迭代与创新动能,最终增强供应链韧性。第三,从企业生命周期看,相较于初创期和成长期,处于成熟期的节点企业资源稳定,能有效利用科技金融政策实现技术迭代与韧性增强的良性循环;从企业所有制和规模看,试点政策对非国有制和大规模节点企业的提升效果更强;从要素密集度看,资本密集型企业的设备升级与劳动密集型企业的劳动流程优化均属于渐进式创新,可在政策刺激下通过“干中学”机制快速增强供应链韧性。本文的结论为优化科技金融政策体系及增强供应链韧性提供了理论基础与实证支持。
Enhancing supply chain resilience is of great significance for building a modern supply system.Based on data from China A-share listed companies from 2009 to 2022,this paper evaluates supply chain resilience by assessing the recovery capacity of supply chain node enterprises,and empirically explores the impact effects,mechanisms,and differential manifestations of the technology finance pilot policies on supply chain resilience.The study finds that:First,technology finance policies can enhance supply chain resilience,and this conclusion remains valid after robustness testing.Second,based on the analytical framework of financial function theory,the pilot policy leverages the functional advantages of technology finance to alleviate financing constraints for supply chain node enterprises,optimize collaborative allocation efficiency among multi-node enterprises,drive technological iteration and innovation momentum among chain node enterprises,and ultimately improve supply chain resilience.Third,from the perspective of enterprise life cycle,mature node enterprises with stable resources can effectively utilize technology finance policies to achieve a virtuous cycle of technological iteration and resilience enhancement compared to start-up and growth stages.In terms of ownership and scale,the pilot policy shows stronger improvement effects on non-state-owned and large-scale node enterprises.Regarding factor intensity,both equipment upgrades for capital-intensive enterprises and labor process optimization for labor-intensive enterprises represent incremental innovation,which can rapidly enhance supply chain resilience through the"learning by doing"mechanism under policy incentives.The conclusions of this paper provide theoretical foundations and empirical support for optimizing the technology finance policy system and enhancing supply chain resilience.
作者
彭澎
沈沐阳
高旭阳
Peng Peng;Shen Muyang;Gao Xuyang(College of Finance,Nanjing Agricultural University,Nanjing 210095,China;Center for Financial Engineering,Soochow University,Suzhou 215006,China)
出处
《南开经济研究》
北大核心
2025年第10期147-167,共21页
Nankai Economic Studies
基金
江苏高校“青蓝工程”(2025-2028)的资助。
关键词
科技金融政策
供应链
韧性
节点企业
Technology Finance Policies
Supply Chain
Resilience
Node Enterprise
