摘要
我国正处在转变发展方式、转换增长动力的攻关期,发展供应链金融成为推进供给侧结构性改革、增强金融服务实体经济能力的重要抓手。本文以2007—2021年中国沪深A股上市公司为研究样本,运用双向固定效应模型实证检验了供应链金融对企业全要素生产率的影响及其作用机制。基准分析结果表明,供应链金融有助于提高企业全要素生产率,且这一关系在经过内生性处理和一系列稳健性检验后仍然成立。机制分析结果表明,供应链金融通过优化信贷资源配置和提高资源整合效率两个机制提高企业全要素生产率。异质性分析结果表明,当市场环境较差、行业竞争程度较小、融资约束程度较高、信息披露质量较低、供应链集中度较高、供应链整合度较强、供应链专业化分工程度较高时,供应链金融对企业全要素生产率的提升效应更加明显。本文的研究不仅拓展了企业全要素生产率驱动因素的相关研究,也为践行供应链金融助力经济高质量发展提供了新的证据。
Improving China's total factor productivity(TFP)is one of the key measures to achieve high⁃quality development.The transformation of economic growth models has raised demands for enterprises to enhance their TFP in a more efficient,sustainable,and innovative manner.As an important tool for deepening the supply⁃side structural reform,supply chain finance,in theory,can contribute to enhancing the enterprise TFP by creating a low⁃cost financing platform and an efficient operational platform.Existing research seldom delves deeply into this relationship.Therefore,this paper aims to provide new insights into the practice of finance servicing the real economy and the promotion of high⁃quality economic development by examining the effect of supply chain finance on the enterprise TFP and its underlying mechanisms.This paper takes the A⁃share listed companies in China from 2007 to 2021 as the sample and empirically tests the impact of supply chain finance on the enterprise TFP,as well as its underlying mechanisms.The research findings reveal that supply chain finance can significantly enhance the enterprise TFP.After a series of robustness checks,the research findings remain valid.Further mechanism tests confirm that the promotional effect of supply chain finance on enterprise TFP is primarily achieved through optimizing credit allocation and enhancing the efficiency of resource integration.Heterogeneity tests reveal that for enterprises with poorer factor market environments,lower industry competition,higher financing constraints,poorer information disclosure quality,higher supply chain concentration,stronger supply chain integration,and higher specialization in supply chain division of labor,the enhancing effect of supply chain finance on TFP is more pronounced.The research contributions of this paper are mainly reflected in the following aspects.First,it substantially expands the theoretical analytical framework of existing studies on the economic consequences of supply chain finance.Second,it provides empirical evidence for the argument that supply chain finance,by empowering traditional finance,facilitates the achievement of high⁃quality development goals for enterprises and the economy.Lastly,the findings of this paper offer new evidence and insights on how to fully leverage supply chain finance to enhance the TFP of real entities and optimize economic development.The policy implications are as follows.Enterprises should elevate the strategic importance of supply chain finance and actively participate in it;financial institutions should improve product innovation and tailor strategies to meet the needs of supply chain finance for different enterprises;government departments should deepen the supply⁃side reform of finance,providing a favorable external environment for the development of supply chain finance,and improve the enterprise TFP.
作者
卜君
朱悦
BU Jun;ZHU Yue(School of Accounting/China Internal Control Research Center,Dongbei University of Finance and Economics,Dalian 116025,China)
出处
《财经问题研究》
CSSCI
北大核心
2024年第5期89-104,共16页
Research On Financial and Economic Issues
基金
国家社会科学基金青年项目“供应链金融赋能企业高质量发展的机理与实现路径研究”(23CGL010)
教育部人文社会科学研究基金青年项目“供应链金融对企业投资行为的影响研究”(21YJC630001)。
关键词
供应链金融
全要素生产率
信贷资源配置
资源整合效率
supply chain finance
total factor productivity
credit resource allocation
resources integration efficiency
